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

Peterson Furniture Designs is preparing the annual financial statements dated December $31.$ Ending inventory information about the five major items stocked for regular sale follows:

Required:

$1-$a$.$ Complete the table column "Write$-$Down per Item" and then sum the final column.

$1-$b$.$ Compute the amount of the total write$-$down when the LCM$/$NRV rule is applied to each item.

$2.$ Prepare the journal entry Peterson Furniture Designs would record on December $31$ to write down its inventory to LCM$/$NRV$.$

Complete this question by entering your answers in the tabs below.

Req$1A$

Req $1B$

Req $2$

Complete the table column "Write$-$Down per Item" and then sum the final column.

$\backslash$table$[[$Item$,\backslash$table$[[$Unit Cost$],[($FIFO$)]],\backslash$table$[[$NRV per$],[$Item$]],\backslash$table$[[$Write$-$down$],[$per Item$]],\backslash$table$[[$Quantity on$],[$Hand$]],\backslash$table$[[$Total Write$-],[$down$]]],[$Alligator Armoires,$$20,$$$,24,,15],[$Bear Bureaus,$37,37,50,,],[$Cougar Credenzas,$37,43,55,,],[$Dingo Cribs,$36,36,75,,],[$Elephant Dressers,$32,30,,35,]]$