Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product 101 102 103 104 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is a Individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry Total Cost $ 120,000 90,000 60,000 30,000 Complete this question by entering your answers in the tabs below. Product 101 102 Required 11 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. ▬▬▬▬▬▬ Total Net Realizable Value $ 100,000 110,000 50,000 50,000 103 104 Cost NRV $ 120,000 $ 100,000 90,000 110,000 60,000 50,000 50,000 30,000 300,000 Inventory Value $ 120,000 90,000 60,000 X 30,000 $ 300,000
Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product 101 102 103 104 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is a Individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry Total Cost $ 120,000 90,000 60,000 30,000 Complete this question by entering your answers in the tabs below. Product 101 102 Required 11 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. ▬▬▬▬▬▬ Total Net Realizable Value $ 100,000 110,000 50,000 50,000 103 104 Cost NRV $ 120,000 $ 100,000 90,000 110,000 60,000 50,000 50,000 30,000 300,000 Inventory Value $ 120,000 90,000 60,000 X 30,000 $ 300,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in text form please (without image)

Transcribed Image Text:Tatum Company has four products in its inventory, Information about ending Inventory is as follows:
Product
101
102
103
104
Required:
1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to
individual products.
2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
Total Cost
$ 120,000
90,000
60,000
30,000
Complete this question by entering your answers in the tabs below.
Product
101
102
Required 1 Required 2
Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to
individual products.
▬▬▬▬
103
104
Total Net Realizable
Value
$100,000
110,000
50,000
50,000
Cost
$ 120,000
90,000
60,000
30,000
300,000
NRV
s 100,000
110,000
50,000
50,000
Inventory
Value
$ 120,000
90,000
60,000 X
30,000
$300,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education