Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Realizable Value $187,080 117,000 Product Total Cost $134, 800 97,000 67, e00 101 182 103 57,0e0 57,000 184 37,e0 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is opplied 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 101 134,000 S 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 335,000 < Required 1 Required 2 >

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Realizable Value $187,080 117,000 Product Total Cost $134, 800 97,000 67, e00 101 182 103 57,0e0 57,000 184 37,e0 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is opplied 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 101 134,000 S 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 335,000 < Required 1 Required 2 >

Name: Tetum Company has four products in its inventory. Information sbout t
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Description: Tetum Company has four products in its inventory. Information sbout the December 31, 2021, inventory is os follows:Total NetRealizable Value$187,0e0ProductTatal Cost$134, 00097,e00101102117,0057, 0ee57,08010367, e0037,e00184Required:1. Determine the

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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