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only the answer for number 2 is needed, ive done the first part. Peterson...

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Accounting

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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

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