Refer to the situation described in Exercise 9 3 Assume that Tatum Company prepares its financial statements according to IFRS Required 1 Determine the balance sheet inventory carrying value at December 31, 2011, assuming Tatum applies the LCM rule to individual products 2 Prepare a journal entry t...

The designated market value according to IFRS always is net realizable value Produc ...

Refer to the situation described in Exercise 9-3. Assume that Tatum Company prepares its financial statements according

Question:

Refer to the situation described in Exercise 9-3. Assume that Tatum Company prepares its according to IFRS.

Required:
1. Determine the inventory carrying value at December 31, 2011, assuming Tatum applies the LCM rule to individual products.
2. Prepare a journal entry to record the inventory write-down, if necessary.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...