Prepare journal entry, Record inventory write down to LCM / NRV 51 Spring 2 xezto.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 2310mework iE7-11 Part 1Question 3 - Chapter 7 Homewo X +Required informationE7-11 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.searchPeterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventoryabout the five major items stocked for regular sale follows:Req 1AComplete this question by entering your answers in the tabs below.ItemAlligator ArmoiresBear BureausCougarCredenzasComplete the table column "Write-Down per Item" and then sum the final column.NRVperItemDingo CribsElephant DressersReq 1BUnitCost(FIFO)5043452253Check my work mode: This shows what is correct or incorrect for the work ya$A:HI$4543532248[✓ Answer is complete and correct.Write-down perItem$$5✔0✔0✔0✔5✔Quantityon Hand9550481458075$$TotalWrite-downhuluSaved475✔0✔0✔0✔375< Prev2S3 4of 5HHH 2361 Spring 2 x//ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddley of Austin Utilities G Texas Gas Service ActiveBuilding canvas Self-Service: Financ... qmst hw Portal ba 2310HomeworkE7-11 Part 2Question 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 informationabout 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 noentry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<1Record inventory write down to LCM/NRV.Note: Enter debits before credits.DateDecember 31Record entry5:General JournalClear entryNDebitCreditView general journalhuluSaved>< Prev42015 CHRYSLER 20...of 5#Next >

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Inventory refers to the products or items an entity is required to trade so that it can generate…

Business

Accounting

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 #

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.1C

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