Peterson Furniture Designs is preparing the annual financial statements dated December Ending inventory information about the five major items stocked for regular sale follows:
Required:
a Complete the table column "WriteDown per Item" and then sum the final column.
b Compute the amount of the total writedown when the LCMNRV rule is applied to each item.
Prepare the journal entry Peterson Furniture Designs would record on December to write down its inventory to LCMNRV
Complete this question by entering your answers in the tabs below.
Req B
Req
Complete the table column "WriteDown per Item" and then sum the final column.
tableItemtableNRV perItemtableWritedownper ItemtableQuantity onHandtableTotal WritedownAlligator Armoires,$Bear Bureaus,,Cougar Credenzas,,Dingo Cribs,,Elephant Dressers,,
