(Answered) Refer to the situation described in exercise 9-3 assume

Accounting

Refer to the situation described in Exercise 9-3. Assume that Tatum Company prepares its financial statements according to IFRS.

Required:

1. Determine the balance sheet inventory carrying value at December 31, 2011, assuming Tatum applies the LCM rule to individual products.

2. Prepare a journal entry to record the inventory write-down, if necessary.

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