1A, 1B, 2

Check my work 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. Req 1A Reg 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Write-down per item Total Write- down Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost NRV per (FIFO) Item $ 30 $ 27 27 27 21 27 23 23 34 32 NONS Quantity on Hand 15 15 40 100 100 KRA Req 18 > BE Navt Check my wo 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. Req 1A Req 1B Reg 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down 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. Req 1A Reg 1B Req t Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no en is required for a transaction/event, select "No Journal Entry Required in the first account field.) nces View transaction list Journal entry worksheet 1 Record Inventory write down to LCM/NRV. Note: Enter debits before credits Prev 1 of 2 Next