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Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 1Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusti

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Answer #1

Calculate following

product Cost NRV Lower of cost and NRV
101 132000 106000 106000
102 97000 116000 97000
103 66000 56000 56000
104 36000 56000 36000
331000 295000

Adjusting entry

date account and explanation Debit Credit
Cost of goods sold (331000-295000) 36000
Inventory 36000
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