[This is a variation of E 9-3, modified to focus on the lower of cost...
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Accounting
[This is a variation of E 9-3, modified to focus on the lower of cost or market.] Tatum Company has four products in its inventory. Information about the December 31,2018 , inventory is as follows: The normal gross profit percentage is 25% of total cost. Required: 1. Determine the carrying value of inventory at December 31,2018 , assuming the lower of cost or market (LCM) rule is applied to individual products
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