Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] [The following information applies to the questions displayed below.] Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory about the five major items stocked for regular sale follows: E7-11 Part 1 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. Req 1A Complete this question by entering your answers in the tabs below. Item Alligator Armoires Bear Bureaus Cougar Credenzas Check my work mode: This shows what is correct or incorrect for the work yo Req 1B Complete the table column "Write-Down per Item" and then sum the final column. Write- down per Item Dingo Cribs Elephant Dressers Unit Cost (FIFO) 50 43 45 22 53 $ $ NRV per Item 45 43 53 22 48 ✔Answer is complete and correct. $ S 50 0♥ 00 0- 5✔ Quantity on Hand 95 50 45 80 75 $ $ Total Write- down 475 0✔ 0✔ 0✔ 375 < Prev 3 S 4 of 5 #
Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] [The following information applies to the questions displayed below.] Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory about the five major items stocked for regular sale follows: E7-11 Part 1 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. Req 1A Complete this question by entering your answers in the tabs below. Item Alligator Armoires Bear Bureaus Cougar Credenzas Check my work mode: This shows what is correct or incorrect for the work yo Req 1B Complete the table column "Write-Down per Item" and then sum the final column. Write- down per Item Dingo Cribs Elephant Dressers Unit Cost (FIFO) 50 43 45 22 53 $ $ NRV per Item 45 43 53 22 48 ✔Answer is complete and correct. $ S 50 0♥ 00 0- 5✔ Quantity on Hand 95 50 45 80 75 $ $ Total Write- down 475 0✔ 0✔ 0✔ 375 < Prev 3 S 4 of 5 #
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Prepare journal entry ,
Record inventory write down to LCM / NRV
![51 Spring 2 x
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.
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mework i
E7-11 Part 1
Question 3 - Chapter 7 Homewo X +
Required information
E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4]
[The following information applies to the questions displayed below.]
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.
search
Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory
about the five major items stocked for regular sale follows:
Req 1A
Complete this question by entering your answers in the tabs below.
Item
Alligator Armoires
Bear Bureaus
Cougar
Credenzas
Complete the table column "Write-Down per Item" and then sum the final column.
NRV
per
Item
Dingo Cribs
Elephant Dressers
Req 1B
Unit
Cost
(FIFO)
50
43
45
22
53
Check my work mode: This shows what is correct or incorrect for the work ya
$
A:
HI
$
45
43
53
22
48
[
✓ Answer is complete and correct.
Write-
down per
Item
$
$
5✔
0✔
0✔
0✔
5✔
Quantity
on Hand
95
50
481
45
80
75
$
$
Total
Write-
down
hulu
Saved
475✔
0✔
0✔
0✔
375
< Prev
2
S
3 4
of 5
HH
H](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ee5ad8d-47a8-421f-83f6-a6175b4cf02f%2Fdd185695-6c6c-4e37-af7b-25758d7df37f%2F2696ct_processed.jpeg&w=3840&q=75)
Transcribed Image Text:51 Spring 2 x
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.
Austin Utilities G Texas Gas Service ActiveBuilding canvas Self-Service : Financ... qmst hw Portal ba 2310
mework i
E7-11 Part 1
Question 3 - Chapter 7 Homewo X +
Required information
E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4]
[The following information applies to the questions displayed below.]
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.
search
Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory
about the five major items stocked for regular sale follows:
Req 1A
Complete this question by entering your answers in the tabs below.
Item
Alligator Armoires
Bear Bureaus
Cougar
Credenzas
Complete the table column "Write-Down per Item" and then sum the final column.
NRV
per
Item
Dingo Cribs
Elephant Dressers
Req 1B
Unit
Cost
(FIFO)
50
43
45
22
53
Check my work mode: This shows what is correct or incorrect for the work ya
$
A:
HI
$
45
43
53
22
48
[
✓ Answer is complete and correct.
Write-
down per
Item
$
$
5✔
0✔
0✔
0✔
5✔
Quantity
on Hand
95
50
481
45
80
75
$
$
Total
Write-
down
hulu
Saved
475✔
0✔
0✔
0✔
375
< Prev
2
S
3 4
of 5
HH
H
![2361 Spring 2 x
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Homework
E7-11 Part 2
Question 4 - Chapter 7 Homewo X +
search
[The following information applies to the questions displayed below.]
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:
2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no
entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
Record inventory write down to LCM/NRV.
Note: Enter debits before credits.
Date
December 31
Record entry
5:
General Journal
Clear entry
N
Debit
Credit
View general journal
hulu
Saved
>
< Prev
4
2015 CHRYSLER 20...
of 5
#
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ee5ad8d-47a8-421f-83f6-a6175b4cf02f%2Fdd185695-6c6c-4e37-af7b-25758d7df37f%2F881gxra_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2361 Spring 2 x
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y of Austin Utilities G Texas Gas Service ActiveBuilding canvas Self-Service: Financ... qmst hw Portal ba 2310
Homework
E7-11 Part 2
Question 4 - Chapter 7 Homewo X +
search
[The following information applies to the questions displayed below.]
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:
2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no
entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
Record inventory write down to LCM/NRV.
Note: Enter debits before credits.
Date
December 31
Record entry
5:
General Journal
Clear entry
N
Debit
Credit
View general journal
hulu
Saved
>
< Prev
4
2015 CHRYSLER 20...
of 5
#
Next >
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