Post a New Question

Math

posted by .

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.

Answer This Question

First Name
School Subject
Your Answer

Related Questions

More Related Questions

Post a New Question