E$7-10($Algo$)$ Reporting Inventory at Lower of Cost and Net Realizable Value $[$LO$7-4]$

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.

$1-$b$.$ Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item.

$2.$ Prepare the journal entry that Peterson Furniture Designs would record on December $31.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$16.$ Compute the amount that should be reported for the ending ifventory using the LCANRV rule appled to each item

Journal entry worksheet Nuc

NCR

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Narc

Mai

Mint

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Chapter $7$ Connect Assigrment

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E$7-10($Algo$)$ Reporting Inventory at Lower of Cost and Net Reallizable Volue $[$LO$7-4]$

Peterson Furniture Designs is preparing is annual mancial stavements dawed December $31$ Ending inventory informulion about the

$20$

tive major hems stocked for requier sale follows:

peer

Aequired:

Tis. Complete the final hwo columns of the table

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$Hem$\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Codinglinventory$\}$ & $\backslash$multirow$[$b$]\{2\}\{*\}\{$LCENFY$.$ per lenty$\}$ & $\backslash$multirow$[$b$]\{2\}\{*\}\{$tolal LCSNEY$\}\backslash \backslash$

$\backslash$hline & Quantify on Mand & & & $\backslash$begin$\{$tabular$\}\{$l$\}$

Net $\backslash \backslash$

Perlizable $\backslash \backslash$

Wahterat $\backslash \backslash$

Year$-$tad

$\backslash$end$\{$tabular$\}$ & & $\backslash \backslash$

$\backslash$hline Algator Ampares & $57$ & $5$ & $2$ & $5$ & $819$ & $51,063\backslash \backslash$

$\backslash$hline Bopr Burbays & $32$ & & $47$ & $47$ & $477$ & $\backslash \backslash$

$\backslash$hline Cougir Beda & $17$ & & $57$ & $50$ & $57$ & P $\backslash \backslash$

$\backslash$hline Dingo Cibs & $37$ & & $39$ & $37$ & $\backslash (37^\{2\}\backslash )$ & $1200\backslash \backslash$

$\backslash$hline Elephant Dresuers & $415$ & & $17$ & $13.$ & $13$ & $5,406\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Me

Graw

Prey

$5$ of $8$

Score arawer

$16.$ Compute the amount that should be reported for the ending ifventory using the LCANRV rule appled to each item

Journal entry worksheet ADEC

AGBC

Avob

ARIC

Mal

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Asig:

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C Oust

$\backslash (25+$A $\backslash )$

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Chapter $7$ Connect Assignment

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Journal entry worksheet

A

$20$

Record the write$-$down in inventory.

sumeres

thefe: Inter debits bathe crodice

eflow

a$-$

Antrences.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}$

$\backslash$hline Traneavion & General Journal & Debit & Credit $\backslash \backslash$

$\backslash$hline $1.$ & & & $\backslash \backslash$

$\backslash$hline & $276$ & $4$ & $\backslash \backslash$

$\backslash$hline & a & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

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$5$ of $8$

Score answer