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Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Total Net Realizable Value $107,000 117,000 57,000 57,000 Product Total Cost $134,000 97,000 67,000 37,000 101 102 103 104 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 2$ 134,000 $ 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 24 335,000 2$ Required 2 >

Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Total Net Realizable Value $107,000 117,000 57,000 57,000 Product Total Cost $134,000 97,000 67,000 37,000 101 102 103 104 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 2$ 134,000 $ 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 24 335,000 2$ Required 2 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Tatum Company has four products in its inventory. Information about the Decemnber 31, 2021, Inventory is as follows: Total Net Realizable Value Product 101 Total Cost $134,000 97,000 67,000 37,000 $107,000 117,000 57,000 57,000 102 103 104 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Inventory Value Product Cost NRV 101 S. 134,000 107,000 102 97,000 117,000 57,000 67,000 37,000 103 104 57,000 S. 335,000 Required 2 > Prev 1 of 9 Next > Profile (1).pdf Profile.pdf Profile (1) .pdf
Transcribed Image Text:Tatum Company has four products in its inventory. Information about the Decemnber 31, 2021, Inventory is as follows: Total Net Realizable Value Product 101 Total Cost $134,000 97,000 67,000 37,000 $107,000 117,000 57,000 57,000 102 103 104 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Inventory Value Product Cost NRV 101 S. 134,000 107,000 102 97,000 117,000 57,000 67,000 37,000 103 104 57,000 S. 335,000 Required 2 > Prev 1 of 9 Next > Profile (1).pdf Profile.pdf Profile (1) .pdf
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