accounting

Exercise 9.6 (Algo) Lower of cost or market [LO9-1] Tatum Company has four products in its inventory. Information about ending inventory is as follows: The normal profit is 35% of total cost Required: 1. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individuat products. 2. Assuming that imventory 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