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

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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. Item LC&NRV per item Total LC&NRV Alligator Amores Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers Ending Inventory Unit Cost Net Quantity When Realizable en Hand Acquired Value at (FIFO) Year End 50 $ 155 92 75 40 40 10 52 30 30 400 6 8 8 8 sa 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory 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.) View transaction list Journal entry worksheet

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