Required information [The following information applies to the questions displayed below.] 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Complete the table column "Write-Down per Item" and then sum the final column. Quantity on Hand Total Write- down Write-down Unit Cost (FIFO) NRV per Item Item per Item 70 Alligator Armoires %2$ %24 60 55 Bear Bureaus 45 45 45 Cougar Credenzas 24 30 50 38 38 40 Dingo Cribs 45 37 65 Elephant Dressers Reu TA Reg 18
Required information [The following information applies to the questions displayed below.] 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Complete the table column "Write-Down per Item" and then sum the final column. Quantity on Hand Total Write- down Write-down Unit Cost (FIFO) NRV per Item Item per Item 70 Alligator Armoires %2$ %24 60 55 Bear Bureaus 45 45 45 Cougar Credenzas 24 30 50 38 38 40 Dingo Cribs 45 37 65 Elephant Dressers Reu TA Reg 18
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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