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Question - Lower of cost and net realizable value
Tatum Company has four products in its inventory. Information about the December 31, 2016, inventory is as follows:
Product Total Costs Total net realizable value
101 $ 156,000 118,000
102 $ 108,000 128,000
103 78,000 68,000
104 48,000 68,000
Required:
1. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products.
2. Assuming that Tatum reports an inventory write-down as a line item in the income statement, determine the amount of the loss.
Calculate the amount of the note payable at December 31, 2017 that would be classified as a long-term liability. Do not use decimals in your answer
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