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

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Accounting

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.
2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV.
Complete this question by entering your answers in the tabs below.
Req 1A
Complete the table column "Write-Down per Item" and then sum the final column.
\table[[Item,\table[[Unit Cost],[(FIFO)]],\table[[NrV per],[Item]],\table[[Write-down],[per Item]],\table[[Quantity on],[Hand]],\table[[Total Write-],[down]]],[Alligator Armoires,60,55,s,70,],[Bear Bureaus,45,45,0,45,0],[Cougar Credenzas,24,30,0,50,0],[Dingo Cribs,38,38,0,40,],[Elephant Dressers,45,37,5,65,2x2
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