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Peterson Furniture Designs is preparing its annual financial statements...

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Accounting

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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. ed Item Quantity on Hand LC&NRV per Item Total LC&NRV Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers $ Ending Inventory Unit Cost Net When Realizable Acquired Value at (FIFO) Year-End $ 27 $ 24 52 52 62 64 42 42 22 18 22 42 NASS 24 $ 1,488 52 4,524 62 1.408 42 1,754 18 8.280 460 00 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending Inventory 15,644 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Credit Cost of goods sold Inventory Debit 3.802 3,802

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