E$7-13($Algo$)$ Reporting Inventory at Lower of Cost or Market$/$Net Realizable Volue $[$LO $7-4]$

Peterson Furnture Detigns is preparing the annual financial statements asted December It$.$ Cinding inveritory information about the five major nems stocked for regulsr sale follows:

Apquilter:

$5-$s$.$ Complete the nable column "Withe$-$Down per item" and then sum the final column.

$1-$b$.$ Compute the amount of the iotal write$-$down when the LCM or NerV rule is appled to each nem.

$2.$ Prepore the journsl entry Peterson Furnture Desugns would record on December $34$ to wrthe dowh tis invertory to LOM or NerV.

Cemplete this questien by entering pesp answers in the tabs helow.

Nen $16$

$4$en $2$

Complete the Galle carint "Wiste$-$Deun per Me$="$ and then sum ithe fral colemen.

$\backslash$table$[[140$n$,$ Hencest

$41801,$Whry mer Herem,Wite divelt per Ren,Qaantiy em mand,$],[$AMgator Antiots,$3,60,3,85,,$T$01,],[$Dew Buretas,$45,45,,45,],[$Saugar Crefaneas,$34,30,,59,],[$Dinge Silat,$34,34,,4^4,],[$Clephant Bresiert,$45,37,,451,]]$