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(The following information applies to the questions displayed below.] Peterson Furniture Designs is preparing the...

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Accounting

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(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: 3. value: 10.00 points Required: 1 - Complete the two columns of the table. a. Unit Cost Quantity LCM Market Item When Recorded Total on Hand Acquired Year-End Item Value at per LCM Total (FIFO) Cost Alligator 70 $ Armoires 29 34 $ $ 2,380 Bear Bureaus 85 50 50 4,250 Cougar Credenzas 60 62 1,200 Dingo Cribs 40 40 40 1,600 Elephant 25 22 Dressers 10,500 1- Compute the amount that should be reported for the ending inventory b. using the LCM rule applied to each item. 20 420 Ending Inventory 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write-down its inventory to LCM. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record inventory write down to LCM. Note: Enter debits before credits. Date General Journal December 31 Debit Credit Record entry View general journal Clear entry

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