Excel McGraw Hill Excel Question Saved Search (Option O IMPORTANT: Answer grading policy x File Home Insert Draw Formulas Data V Calibri 11 BB Al A 1 fe Accessibility tab summary: A stat B Peterson Furniture Designs is preparing the annual financial stat 2 inventory information about the five major items stocked for res OK For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an sign. item 2. Reference cells, instead of entering values. Example: -83+C3 3 4 Required: 1-a. Enter a formula that uses the IF function to complete the sp 5 per Item", enter formulas in the final column. 6 Unit Cost Item (FIFO) NRV per Item Write-dow n per Item Quantity Write-dow on Hand n 8 Alligator Armoires $30 $24 50 9 Bear Bureaus 40 40 75 10 Cougar Credenzas 50 52 10 11 Dingo Cribs 30 30 30 12 Elephant Dressers 15 12 400 13 14 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 15. 16 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV 17 (t no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 18 19 No 20 1 Date December 31 General Journal 21 22 23 Debit Credit