# Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is...

###### Question:

Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows:

 product total cost total replacement cost total net realizable value 101 $120,000$100,000 $100,000 102 90,000 85,000 110,000 103 60,000 40,000 50,000 104 30,000 28,000 50,000 * The normal gross profit percentage is 25% of total cost 1. Determine the carrying value of inventory at December 31, 2018, 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. ## Answers #### Similar Solved Questions 1 answer ##### You currently work for the development department of Sunny Manor Nursing and Rehab Center. Sunny Manor... You currently work for the development department of Sunny Manor Nursing and Rehab Center. Sunny Manor was once a privately owned small skilled nursing home in Sunny Beach, Florida until it was sold 6 years ago to a larger group of investors known for buying older nursing homes and developing them i... 1 answer ##### Table 25.2 Market Share Output (Revenue)$20,000 $16,000$2,000 Pool Sweeper (8) North Star Hurricane Blue...
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