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I want the table column blanks completed. I want the total amount of write-down. And 1 journal entry. Peterson Furniture Designs is preparing the annual
I want the table column blanks completed. I want the total amount of write-down. And 1 journal entry.
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. NRV per Item Unit Cost (FIFO) $ 40 Write-down per Item Quantity on Hand Total Write- down Item $ 32 40 31 31 15 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 34 40 90 20 20 85 24 20 35 Req 1A Req 1B 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 Req 2 Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-downStep by Step Solution
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