1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oliga [24]
2 years ago
12

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Tota

l Cost Total Net Realizable Value 101 $ 154,000 $ 117,000 102 111,000 127,000 103 77,000 67,000 104 47,000 67,000 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.
Business
1 answer:
Alenkinab [10]2 years ago
7 0

Answer:

Tatum Company

1. The carrying value of inventory at December 31, 2021 is:

$342,000

2. Adjusting Journal Entry:

Debit Inventory write-downs $47,000

Credit Inventory $47,000

To record the write-down of inventory value to LCNRV.

Explanation:

a) Data and Calculations:

Product   Total Cost        Total Net Reali-   LCNRV        Write-downs

                                          zable Value

101           $ 154,000          $ 117,000          $ 117,000        $ 37,000

102               111,000            127,000              111,000            0

103               77,000             67,000              67,000            10,000

104              47,000              67,000              47,000            0

Total      $ 389,000        $ 378,000        $ 342,000        $ 47,000

You might be interested in
Why does manufacturing's multiplier effect matter to an economy?
irga5000 [103]

Answer:

It has a greater impact than service industries.

Explanation:

6 0
2 years ago
Lee is the product manager for a software program sold by Company ABC. In evaluating the product, Lee determines that something
dezoksy [38]

Answer:

Explanation: The marketing mix consists of a number of factors that a producer usually exploits in order to influence consumers to purchase his/her products and services.

The marketing mix consists of:

- Product

- Price

- Place

- Promotion.

The above are usually called the 4Ps of marketing.

Of the four factors of the marketing mix, the factor that will the easiest for Lee to change will be the price.

This is because, often times, the price of a product or service will be the major determinant in the success of said commodity, and this is due to the fact that customers will compare the product being offered with its price in order to judge whether the product is worthy of the value placed on it.

Therefore, in order for Lee to influence the potential customers to make purchases, the price of the software program will be the easiest to be reviewed, and it should be set to a level where potential customers will be influenced to exchange their money for the software program.

8 0
3 years ago
First Financial Auto Loan Department wishes to know the payment required at the first of each month on a $10,500, 48-month, 11%
julia-pushkina [17]

Answer:

First Financial would divide the $10,500 loan by the present value of annuity due of 1.

The correct answer is C

Explanation:

Present value of annuity formula is used for determining the amount                   of loan payment. Since the payments will be made at the beginning of each month, we will apply the formula for present value of annuity due. In order to determine the amount of monthly payment, we will divide the principal by the present value of annuity due of 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

7 0
3 years ago
Direct Method Question (2026, Current Period): 2026 2025 A/R 49,000 23,000 Prepaid Insurance 15,000 3,000 Salaries Payable 13,00
hammer [34]

Answer:

$49,000

Explanation:

Missing<em>"Cash Event => Cash Paid for Salaries Second Number => _____ __?___, ______ ______ ______"</em>

<em />

Cash paid for salaries (using direct method)

Particulars                                                           Amount

Opening salaries payable                                  $5,000

Add: Salaries expense for the current year      $57,000

Less: Closing salaries payable                           <u>$13,000</u>

Cash paid for salaries during current year     <u>$49,000</u>

4 0
3 years ago
"Consider the following data: Cost of goods sold $70 Direct labor $20 Direct materials used $15 Cost of goods manufactured $80 W
vovikov84 [41]

Answer:

Schedule of cost of goods manufactured & Sold

Particulars                                   Amount

Direct materials used              $15

Direct labor                                 $20

Factory overhead Applied         <u>$30</u>

(150% of DL Cost)

Total manufacturing costs          $65

Add: Beginning WIP                    <u>$25</u>

Total cost of work in process     $90

Less: Ending WIP                         <u>$10</u>

Cost of goods manufactured    <u>$80</u>

Particulars                                                  Amount

Cost of goods manufactured                       $80

Add: Beginning finished goods inventory   <u>$5</u>

Cost of goods available for sale                 $85

Less: Ending finished goods inventory        <u>$15</u>

Cost of goods sold                                        <u>$70</u>

<u />

3 0
3 years ago
Other questions:
  • (Chapter Supplement) Irish Industries purchased a machine for $65,000 and is depreciating it with the straight-line method over
    9·1 answer
  • Ikea offers young customers a selection of home furnishings featuring good design, function, and acceptable quality at low price
    13·1 answer
  • According to immanuel wallerstein, currently, there are many countries whose production is owned or leased by dominating countri
    10·1 answer
  • A firm that has recently experienced an enormous growth rate is seeking to lease a small plant in Memphis, TN; Biloxi, MS; or Bi
    7·1 answer
  • A(n) ________ is a partyʹs official selection of a candidate to run for office.
    8·1 answer
  • One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000. Today,
    8·1 answer
  • Sales decline in the decline stage of the PLC because of technological advances, shifts in consumer tastes and preferences, and
    9·1 answer
  • The type and frequency of security awareness training is contingent on the type of user. For instance, all users might be requir
    12·1 answer
  • How can I earn money at 15 considering I live in Dubai, United Arab Emirates
    7·2 answers
  • Derick wants to purchase an existing business in the service industry. However, he does not want to use the traditional sources
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!