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 or 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 or NRV$.$

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Complete this question by entering your answers in the tabs below.

Req $1$A

Req $1$B

Req $2$

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

Item

Alligator Armoires

Bear Bureaus

Unit Cost $($FIFO$)$

$

$30$

$59$

NRV per

Item

Write$-$down per Item

Quantity on

Hand

$

$27$

$59$

$35$

$15$