Compute the amount that should be reported for given year

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Reference no: EM132091236

Question: Reporting Inventory at Lower of Cost or Market Peterson Furniture Designs is preparing the annual financial statements dated December 31, 2009. Ending inventory information about the five major items stocked for regular sale follows:

Required: Complete the final two columns of the table and then compute the amount that should be reported for the 2009 ending inventory using the LCM rule applied to each item.

Reference no: EM132091236

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