Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4]...
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Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] [The following information applies to the questions displayed below. 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 E7-11 Part 1 Required 1-a. Complete the table column "Write-Down per ltem" 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 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Complete the table column "Write-Down per Item" and then sum the final column Unit Cost NRV per Write-down Quantity Total Write- er Item Item FIFO Item on Hand down Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers $ 30 $ 24 40 52 30 12 40 50 30 50 75 10 30 400
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