Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:Total NetProductTotal CostRealizable Value$156,000108,00078,00048,000$118,000128,00068, 00068, 000101102103104Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule isapplied to individual products.2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.Complete this question by entering your answers in the tabs below.Required 1Required 2Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV)rule is applied to individual products.InventoryValueProductCostNRV101$156,000 $118,000102108,000128,00010378,00068,00010448,00068,000$390,000< Required 1Required 2 > Complete this question by entering your answers in the tabs below.Required 1Required 2Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet1>Record any necessary year-end adjusting entry assuming that inventory write-downs are common for Tatum Company.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journal

Name: Tatum Company has four products in its inventory. Information about t
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Description: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:Total NetProductTotal CostRealizable Value$156,000108,00078,00048,000$118,000128,00068, 00068, 000101102103104Required:1. Determine th

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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Total Cost $156,000 108,000 78,000 48,000 Product Realizable Value $118,000 128,000 68,000 68,000 101 102 103 104 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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.

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Total Cost $156,000 108,000 78,000 48,000 Product Realizable Value $118,000 128,000 68,000 68,000 101 102 103 104 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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