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October 1, 2014

October 1, 2014

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

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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