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Required information [The following information applies to the questions displayed below.) Peterson Furniture Designs is...

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Accounting

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Required information [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: 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Complete the table column *Write-Down per Item" and then sum the final column. Write-down Total Write down Item Quantity on Hand 50 per Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Unit Cost NRV per (FIFO) Item S 30 $ 24 40 40 52 30 15 12 10 30 400

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