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. Ending Inventory Unit Cost Quantity Item on Hand When Acquired Net Realizable Value at LC&NRV per Item Total LC&NRV (FIFO) Year-End Alligator Armoires 65 $ 30 $ 27 Bear Bureaus 90 55 55 Cougar Beds 25 65 67 Dingo Cribs 45 45 45 Elephant Dressers 475 25 21 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory
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. Ending Inventory Unit Cost Quantity Item on Hand When Acquired Net Realizable Value at LC&NRV per Item Total LC&NRV (FIFO) Year-End Alligator Armoires 65 $ 30 $ 27 Bear Bureaus 90 55 55 Cougar Beds 25 65 67 Dingo Cribs 45 45 45 Elephant Dressers 475 25 21 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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