Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory...
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Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows Total Net Product Total Cost Realizable Value 101 102 103 104 $132,000 97,000 66,000 36,000 $106,000 116,000 56,000 56,000 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 Required1Required 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
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