Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. 4 Req 1A Req 1B Item Alligator Armoires Bear Bureaus Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Cougar Credenzas Dingo Cribs Elephant Dressers Req 2 $ 60 55 53 55 22 $ 56 55 59 55 14

Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. 4 Req 1A Req 1B Item Alligator Armoires Bear Bureaus Complete the table column "Write-Down per Item" and then sum the final column. Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Cougar Credenzas Dingo Cribs Elephant Dressers Req 2 $ 60 55 53 55 22 $ 56 55 59 55 14

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Description: ktKntencesPeterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about thefive major items stocked for regular sale follows:Required:1-a. Complete the table column "Write-Down per Item

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1a) Complete the table column “write down per item” and then sum the final column 1b) Compute the amount of the total write down when the LCM/NRV rule is applied to each item 2) prepare the journal entry Peterson furniture designs would record on December 31st to write down its inventory to LCM/ NRV THANK YOU IN ADVANCE