(Answered) Tatum company has four products in its inventory

Accounting

Tatum Company has four products in its inventory. Information about the December 31, 2011, inventory is as follows:
The normal gross profit percentage is 25% of cost.

Required:

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

2. Assuming that Tatum recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

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