Complete this question by entering your answers in the tabs 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.

$2.$ 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$18$

Req $2$

Complete the table column "Write$-$Down per Item" and then sum the final column.

$\backslash$table$[[$Item$,\backslash$table$[[$Unit Cost$],[($FIFO$)]],\backslash$table$[[$NRV per$],[$Itom$]],\backslash$table$[[$Write$-$down$],[$per ftem$]],\backslash$table$[[$Quantity on$],[$Hand$]],\backslash$table$[[$Total Writo$-],[$down$]]],[$AlligatorAmoires$,40,s,,20,],[$Bear Bureaus,$48,,4,2,,30,],[$Cougar Credenzas,$24,4,27,.,,40,],[$Dingo Cribs,$51,5,,70,],[$Elephant Dressers,$24,1.,.,,75,]]$

Record inventory write down to LCM$/$NRV$.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Complete this question by entering your answers in the tabs 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.

$2.$ 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$18$

Req $2$

Complete the table column "Write$-$Down per Item" and then sum the final column.

$\backslash$table$[[$Item$,\backslash$table$[[$Unit Cost$],[($FIFO$)]],\backslash$table$[[$NRV per$],[$Item$]],\backslash$table$[[$Write$-$down$],[$per Item$]],\backslash$table$[[$Quantity on$],[$Hand$]],\backslash$table$[[$Total Write$-],[$down$]]],[$Alligator Armoires,$40,$$$,,20,],[$Bear Bureaus,$48,2,48,2,,30,],[$Cougar Credenzas,$24,27,,40,],[$Dingo Cribs,$51,51,,701,],[$Elephant Dressers,$24,17,,75,]]$

RectiA

Record inventory write down to LCM$/$NRV$.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$