Question 1: Question 2: Question 3: Question 4: Total Net Realizable Value $109,

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Total Net Realizable Value $109,000 119,000 59,000 59,000 Product Total Cost 101 102 103 104 $138,000 99,000 69,000 39,000 Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or net realizable value (LCNRV) rule is applied 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 Required1 Required 2 Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products Inventory Value Product Cost NRV 101 102 103 104 138,000 99,000 69,000 39,000

Explanation / Answer

Q1) Calculate carrying value of inventory :

Adjusting entry :

Product Cost NRV Inventory value 101 138000 109000 109000 102 99000 119000 99000 103 69000 59000 59000 104 39000 59000 39000 Total 345000 306000

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