# 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.

## Similar Questions

1. ### Acounting 202

Dokken & Dietrich’s Donut Company pays for 25% of its inventory purchases in the month of the purchase and the remainder in the following month. The company’s inventory purchases totaled \$840,000 in October, \$920,000 in November, …
2. ### college Accouting

Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2011 2010 Cash \$ 15,000 \$ 30,000 Receivables (net) 70,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 180,000 …

Using the financial statements for the Goodyear Calendar Company, calculate the 13 basic ratios found in the chapter. December 31, 2008 Assets Current assets: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …

Using the financial statements for the Goodyear Calendar Company, calculate the 13 basic ratios found in the chapter. GOODYEAR CALENDAR COMPANY Balance Sheet December 31, 2008 Assets Current assets: Cash . . . . . . . . . . . . . . …
5. ### Math

Staley Watch Company reported the following income statement data for a 2-year period. 2008 2009 Sales \$210,000 \$250,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 173,000 202,000 Cost of goods available …
6. ### Finance

Trying to figure out how to do problems like these. So confused! 1. The receivables turnover for 2009 is 10 times. 2. All sales are on account. 3. The profit margin for 2009 is 14.5%. 4. Return on assets is 22% for 2009. 5. The current …
7. ### Accounting

O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts …
8. ### accounting

E15-7 Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2009 2008 Cash \$ 15,000 \$ 30,000 Receivables (net) 70,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 …
9. ### Math/Accounts

Estimate the cost of ending inventory based on the retail method using the following information: Cost Retail Beginning Inventory \$ 600,000 \$ 800,000 Purchases \$ 450,000 \$ 600,000 Net Sales \$1,000,000 A. \$150,000 B. \$262,500 C. \$300,000 …
10. ### accounting

The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets \$450,000 \$400,000 \$500,000 Current liabilities \$390,000 \$300,000 \$340,000 Sales \$1,450,000 \$1,500,000 …

More Similar Questions