Solve the question given below Product 101 102 103 104 Total Cost $ 124,000 92,800 61,800 31,000

Solve the question given below

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Product 101 102 103 104 Total Cost $ 124,000 92,800 61,800 31,000 The normal profit is 20% of total cost. Required 1 Required 2 Total Replacement Required: 1. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Product Complete this question by entering your answers in the tabs below. 101 102 103 104 Totals Cost $ 113,600 87,600 41,200 29,000 Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. Total Cost Total Net Realizable Value $ 103,200 113,400 51,600 51,800 Replacement cost 124,000 $ 92,800 61,800 31,000 309,600 113,600 $ 87,600 41,200 29,000 NRV 103,200 113,400 51,600 51,800 NRV minus NP Market Inventory Value $ 0 Product 101 102 103 104 Total Cost $ 124,000 92,800 61,800 31,000 The normal profit is 20% of total cost. Required 1 Required 2 Total Replacement Required: 1. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Product Complete this question by entering your answers in the tabs below. 101 102 103 104 Totals Cost $ 113,600 87,600 41,200 29,000 Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. Total Cost Total Net Realizable Value $ 103,200 113,400 51,600 51,800 Replacement cost 124,000 $ 92,800 61,800 31,000 309,600 113,600 $ 87,600 41,200 29,000 NRV 103,200 113,400 51,600 51,800 NRV minus NP Market Inventory Value $ 0

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Required 1 Determine the carrying value of inventory assuming the lower of cost or market LCM ... View the full answer