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Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information...

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Accounting

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.
1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item.
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