Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

only the answer for number 2 is needed, ive done the first part. Peterson Furniture Designs is preparing its annual financial statements dated December 31.

image text in transcribed
image text in transcribed
only the answer for number 2 is needed, ive done the first part.
Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory Information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Item Total LCANRV Ending Inventory Unit Cost Net Quantity When Realizable LC&NRV on Hand Acquired Value at (FIFO) per item Year-End 69 $ 34 5 31 $ 31 94 59 59 29 89 71 89 49 49 49 49 495 29 25 25 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers $ Assal 1,054 3.481 4,761 2.401 725 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each tem. Ending inventory $ 12.422 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the write-down in Inventory. Note: Enter debits before credits General Journal Debit Credit Transaction 1 View general journal Record entry Clear entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting International Edition

Authors: Jeffrey Waybright, Robert Kemp

1st Edition

0137067798, 978-0137067794

More Books

Students also viewed these Accounting questions