Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information...
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Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the final two columns of the table. Ending Inventory Unit Cost Net When Realizable Acquired Value at (FIFO) Year-End Item Quantity on Hand LC&NRV per Item Total LC&NRV 54 $ 19 $ 16 79 44 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers 44 54 14 56 34 34 34 420 14 10 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31. (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
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