Exercise 9-6(Algo) Lower of cost or market [L09-1] Tatum Company has four products in...
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Exercise Algo Lower of cost or market L Tatum Company has four products in its inventory. Information about ending inventory is as follows: The normal profit is of total cost. Required: Determine the carrying value of inventory assuming the lower of cost or market LCM rule is applied to individual products. Assuming that inventory writedowns are common for Tatum Company, record any necessary yearend adjusting entry. 
Exercise Algo Lower of cost or market L
Tatum Company has four products in its inventory. Information about ending inventory is as follows:
The normal profit is of total cost.
Required:
Determine the carrying value of inventory assuming the lower of cost or market LCM rule is applied to individual products.
Assuming that inventory writedowns are common for Tatum Company, record any necessary yearend adjusting entry.
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