Tumbell Corp. (Tumbell) reports its inventory at the lower of cost and net realizable value. Tumbell has
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Tumbell Corp. (Tumbell) reports its inventory at the lower of cost and net realizable value. Tumbell has five inventory categories. You are provided with the following cost and NRV information about each category:
Required:
a. What amount should Tumbell report on its balance sheet for inventory?
b. What is the amount of writedown that is required?
c. Record any journal entries required to account for the writedown.
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