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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.
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.
Complete the table column "Write-Down per Item" and then sum the final column.
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