Business, 05.03.2020 22:06 meramera50

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:

Item Quantity Unit Cost Market Value LCM per Total LCM Recorded
on Hand When Acquired at Year Item Total Cost
(FIFO)

Alligator-
Armoires 70 $46 $41 $3,220
Bear-
Bureaus 85 80 80 6,800
Cougar-
Credenzas 10 90 92 900
Dingo-
Cribs 35 35 35 1,225
Elephant-
Dressers 400 15 12 6,000

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

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