Req 1A Reg 1B Req 2 Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Unit Cost (FIFO) $ 20 Write-down per Item Quantity on Hand 55 Total Write- down Item $ 17 59 59 65 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 47 49 80 37 37 85 39 35 95 RA Req 1B > total amount of writen down, Unevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record inventory write down to LCM/NRV. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Draw Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 260 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 109 $ 75 360 95 240 115 Total Cost $ 7,500 34,200 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Courtney Company uses a periodic inventory system. The following data were available: beginning inventory. 1.800 units at $35; purchases, 4.200 units at $37; operating expenses (excluding income taxes). $97,500; ending Inventory per physical count at December 31, 1,350 units: sales price per unit, $70; and average income tax rate. 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Income Statement Units Inventory Costing Method FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold" Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units FIFO LIFO Weighted Average "Cost of Goods Sold Equation Beginning Inventory Purchases Units FIFO LIFO weigntea Average "Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? OLIFO O FIFO 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? OLIFO O FIFO 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 Reg 1B Reg 2 Complete the table column "Write Down per Item" and then sum the final column