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 Item Quantity on Hand Total LC&NRV Alligator Armoires Bear Bureaus Cougar Beds Dingo Cribs Elephant Dressers Unit Cost Net When Realizable LC&NRV Acquired Value at per Item (FIFO) Year-End $ 25 $ 22 50 6062 40 40 20 1 6 20 40 450 1-b. Compute the amount that should be reported for the ending inventory using the LC&NRV rule applied to each item. Ending inventory 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31.

                              Peterson Furniture Designs

                                      Ending Inventory

                                      Q         Purchase cost         NRV        Total LC&NRV

Alligator Armoires         60                  $25                $22              $1,320

Bear Bureaus                85                  $50                $50             $4,250

Cougar Beds                 20                  $60                $62             $1,200

Dingo Cribs                   40                  $40                $40              $1,600

Elephant Dressers       450                 $20                $16              $7,200

Total                                                                                               $15,570

The value of the ending inventory using lower of cost or net realizable value (LCNRV) is $15,570. The individual LCNRV is underlined for each item.

Since the purchase cost ($17,550) is higher than the ending inventory, the journal entry should be:

December 31, 202x, adjusting value of ending inventory

Dr Cost of goods sold 1,980

    Cr merchandise inventory 1,980

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

answer; no individual buyer or seller has any significant impact on the market price;