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Exercise 9 - 6 ( Algo ) Lower of cost or market [ L 0 9 - 1 ] Tatum Company has four products in

Exercise 9-6(Algo) Lower of cost or market [L09-1]
Tatum Company has four products in its inventory. Information about ending inventory is as follows:
The normal profit is 40% 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 write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
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