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Peterson Furniture Designs is preparing the annual financial statements dated December 3 1 . Ending inventory information about the Peterson Furniture Designs is preparing the

Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the 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.
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. Complete this question by entering your answers in the tabs below.
Req 1A
Req 2
Note: Enter debits before credits.
five major items stocked for regular sale follows:
Required:
points
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.
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 2
Complete the table column "Write-Down per Item" and then sum the final column.
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