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E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Peterson Furniture Designs is preparing the annual financial statements dated December 31.

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E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) 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. Reg 1A Reg 1B Reg 2 NRV per Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost Write down Quantity Total Write (FIFO) Item per Item on Hand down Alligator Armoires $ 20 $ 18 90 Bear Bureaus 40 40 60 Cougar Credenzas 54 62 100 Dingo Cribs 34 34 10 Elephant Dressers 36 30 80 Reg 1A Req 18> E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] 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. Reg 1A Reg 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 E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) 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. Reg 1A Reg 18 Reg 2 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRW. (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 General Journal Debit Credit Date December 31

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