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

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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