### Required Information**Peterson Furniture Designs** is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale is as follows:### Required Tasks1-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.### Inventory TableThe table provided includes the following columns:- **Item**- **Unit Cost (FIFO)**- **NRV per Item**- **Write-Down per Item**- **Quantity on Hand**- **Total Write-Down**#### Items and Costs- **Alligator Armoires**: - Unit Cost: $60 - NRV: $55- **Bear Bureaus**: - Unit Cost: $45 - NRV: $45- **Cougar Credenzas**: - Unit Cost: $24 - NRV: $20- **Dingo Cribs**: - Unit Cost: $38 - NRV: $37- **Elephant Dressers**: - Unit Cost: $45 - NRV: $37 The tasks involve calculating the write-down per item, which is the difference between the Unit Cost and the NRV per item if the NRV is less than the Unit Cost, then applying it to determine the total write-down for available stock (Quantity on Hand × Write-Down per Item). **Required Information***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:**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.**Instruction:**Complete this question by entering your answers in the tabs below.- **Req 1A** - **Req 1B***Compute the amount of the total write-down when the LCM/NRV rule is applied to each item.*- **Total amount of write-down:** [Input Box](Buttons for navigation: Req 1A, Req 1B)

Name: ### Required Information**Peterson Furniture Designs** is preparing t
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Description: ### Required Information**Peterson Furniture Designs** is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale is as follows:### Required Tasks1-a. Complete the

LCM Rule: Under this method, the inventory is valued at lower of cost or market rate. Note: Negative…

Business

Accounting

Required information [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: 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Complete the table column "Write-Down per Item" and then sum the final column. Quantity on Hand Total Write- down Write-down Unit Cost (FIFO) NRV per Item Item per Item 70 Alligator Armoires %2$ %24 60 55 Bear Bureaus 45 45 45 Cougar Credenzas 24 30 50 38 38 40 Dingo Cribs 45 37 65 Elephant Dressers Reu TA Reg 18

Required information [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: 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Complete the table column "Write-Down per Item" and then sum the final column. Quantity on Hand Total Write- down Write-down Unit Cost (FIFO) NRV per Item Item per Item 70 Alligator Armoires %2$ %24 60 55 Bear Bureaus 45 45 45 Cougar Credenzas 24 30 50 38 38 40 Dingo Cribs 45 37 65 Elephant Dressers Reu TA Reg 18

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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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…
k t K nt ences 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. h Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item Req 2 Unit Cost (FIFO) $ 60 55 53 55 22 $ 56 55 59 55 14 Req 1A Quantity on Hand 50 30 80 70 50 Total Write- down Req 1B >
Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Ending Inventory Quantity Item on Hand Unit Cost When Acquired Net Realizable LC&NRV Total (FIFO) Value at Year-End per Item LC&NRV Alligator Armoires 65 $ Bear Bureaus 90 Cougar Beds 25 65 Dingo Cribs 45 45 Elephant Dressers ག གི གི ག | 30 $ 55 475 25 25672 55 45 21 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory
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Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…