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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 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 50 $ 46 15 Bear Bureaus 21 21 85 Cougar Credenzas 39 42 20 Dingo Cribs 42 42 15 Elephant Dressers 34 28 50 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 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) NRV per Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires $ 50 $ 46 15 Bear Bureaus 21 21 85 Cougar Credenzas 39 42 20 Dingo Cribs 42 42 15 Elephant Dressers 34 28 50 Req 1A Req 1B >

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost NRV per (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires S 50 $ 461 15 Bear Bureaus 21 21 85 Cougar Credenzas Dingo Cribs Elephant Dressers 223 39 42 20 42 42 15 34 28 50 Req 1A Req 1B >
Transcribed Image Text: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 18 Req 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost NRV per (FIFO) Item Write-down per Item Quantity on Hand Total Write- down Alligator Armoires S 50 $ 461 15 Bear Bureaus 21 21 85 Cougar Credenzas Dingo Cribs Elephant Dressers 223 39 42 20 42 42 15 34 28 50 Req 1A Req 1B >
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