Business, 30.03.2020 22:11, michaelhal4271

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:Product Total Cost Total Replacement Cost Total Net Realizable Value 101 $ 134,000 $ 122,600 $ 111,400102 100,000 94,400 122,200103 66,600 44,400 55,800104 33,600 31,400 56,200The normal profit is 25% of total cost. Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.2. Assuming that inventory write-downs are common for Tatum Comp

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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory...