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 Quantity Item Unit Cost When Acquired (FIFO) Net Realizable Value at Year-End LC&NRV per Item Total LC&NRV on Hand 51 $ 16 $ 13 76 41 41 Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers 11 51 53 31 31 31 405 11 7 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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