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9 HW The normal gross profit percentage is 25% of total cost Required: 1. Determine the...
HW Help Save Tatum Company has four products in its inventory Information about the December 31,...
HW Help Save Tatum Company has four products in its inventory Information about the December 31, 2018, inventory is as follows: $15,00 109,00 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. Required: Required...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Tatum Company has four...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 101 102 103 104 Total Cost $161,000 119,400 79,500 40,600 Total Replacement Cost $146,900 112,700 53,000 37,900 Total Net Realizable Value $133,500 145,900 67,100 68,100 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of Inventory at December 31, 2021, assuming the lower of...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Problem 9-3 Lower of cost or market [LO9-1 Forester Company has five products in its inventory. I...
Problem 9-3 Lower of cost or market [LO9-1 Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replaceent Selling Product Quantity Cost s 17 Cost $19 Price $23 25 1,000 700 1,000 900 600 18 10 14 21 15 13 19 20 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total cost $122,000 91,000 61,000 31,000 Total Net Realizable Value $101,000 111,000 51,000 51,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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...
Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 146,000 $ 113,000 102 108,000 123,000 103 73,000 63,000 104 43,000 63,000 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. Product Cost NRV Inventory Value 101 102 103 104 2. Assuming that inventory...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Tatum Company has four...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 101 102 103 Total Cost $132,000 97,000 66,000 36,000 Total Net Realizable Value $106,000 116,000 56,000 56,000 104 Required: 1. Determine the carrying value of Inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that...
HELP Forester Company has five products in its inventory. Information about the December 31, 2018, inventory...
HELP
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replacement Cost Selling Price Product Quantity 1,000 800 Cost A S 14 $16 $20 22 B 19 7 15 C 700 6 12 D 600 11 8 10 E 800 18 16 17 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 35 percent of the selling...
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows...
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows Unit Unit Replacement Selling Price Unit Cost Quantity 900 900 Cost Product $31 $ 25 30 $27 26 A 33 B 23 17 19 18 500 C 21 22 700 D 28 27 29 500 E The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for each product is 35 percent of the selling price....
HW Help Save Tatum Company has four products in its inventory Information about the December 31, 2018, inventory is as follows: $15,00 109,00 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. Required: Required...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 101 102 103 104 Total Cost $161,000 119,400 79,500 40,600 Total Replacement Cost $146,900 112,700 53,000 37,900 Total Net Realizable Value $133,500 145,900 67,100 68,100 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of Inventory at December 31, 2021, assuming the lower of...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Problem 9-3 Lower of cost or market [LO9-1 Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replaceent Selling Product Quantity Cost s 17 Cost $19 Price $23 25 1,000 700 1,000 900 600 18 10 14 21 15 13 19 20 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total cost $122,000 91,000 61,000 31,000 Total Net Realizable Value $101,000 111,000 51,000 51,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, 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...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 101 102 103 Total Cost $132,000 97,000 66,000 36,000 Total Net Realizable Value $106,000 116,000 56,000 56,000 104 Required: 1. Determine the carrying value of Inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that...
HELP
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replacement Cost Selling Price Product Quantity 1,000 800 Cost A S 14 $16 $20 22 B 19 7 15 C 700 6 12 D 600 11 8 10 E 800 18 16 17 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 35 percent of the selling...
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows Unit Unit Replacement Selling Price Unit Cost Quantity 900 900 Cost Product $31 $ 25 30 $27 26 A 33 B 23 17 19 18 500 C 21 22 700 D 28 27 29 500 E The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for each product is 35 percent of the selling price....
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