Homework Help: Math

Posted by Bobbi Loffredo on Friday, March 25, 2011 at 6:40pm.

Tatum Company has four products in its inventory. Information about the december 31, 2009, inventory is as follows:

product total total total Net
cost replacement realizable
cost Value

101 $120,000 110,000 100,000
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 cost.

Determine the balance sheet inventory carrying value at december 31,2009, assuming the LCM rule is applied to individual products.

Assuming that Tatum recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

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