atum Company has four products in its inventory. Information about ending inventory is as follows:ProductTotal Cost101$ 149,000102110,80010373,80010437,500Total ReplacementCost$ 136,100Total NetRealizable Value$ 123,700104,60049,200135,40035,00062,10062,800he normal profit is 40% of total cost.equired:1. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individualproducts.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 2Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products.ProductTotal CostReplacementcostNRVNRV minus NPMarketInventory Value101$149,000 $136,100 $123,700102110,800104,600135,40010373,80049,20062,10010437,50035,00062,800Totals$371,100< Required 1Required 2 >

Name: atum Company has four products in its inventory. Information about en
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Description: atum Company has four products in its inventory. Information about ending inventory is as follows:ProductTotal Cost101$ 149,000102110,80010373,80010437,500Total ReplacementCost$ 136,100Total NetRealizable Value$ 123,700104,60049,200135,40035,00062,1

Business

Accounting

atum Company has four products in its inventory. Information about ending inventory is as follows: Product Total Cost 101 $ 149,000 102 110,800 103 104 73,800 37,500 Total Replacement Cost $ 136,100 104,600 49,200 35,000 Total Net Realizable Value $ 123,700 135,400 62,100 62,800

atum Company has four products in its inventory. Information about ending inventory is as follows: Product Total Cost 101 $ 149,000 102 110,800 103 104 73,800 37,500 Total Replacement Cost $ 136,100 104,600 49,200 35,000 Total Net Realizable Value $ 123,700 135,400 62,100 62,800

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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Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Using FIFO method, the unit cost is: none of the choices 0.0.82 0 0.70 0 0.86
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Please help with question
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Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Using FIFO method, the unit cost is: Group of answer choices 0.86 0.70 none of the choices 0.82
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