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

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Question

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
Req 1B
Req 2
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[[\table[[Quantity on],[Hand]]]],\table[[Total Write-],[down]]],[Alligator Armoires,$,30,$,24,,50,],[Bear Bureaus,40,40,,75,],[Cougar Credenzas,50,52,,10,],[Dingo Cribs,30,30,,30,],[Elephant Dressers,15,12,,400,]]
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