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iamsecond235p318rq
14.04.2020 •
Business
Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Replacement Cost Total Net Realizable Value 101 $ 139,000 $ 127,100 $ 115,500 102 103,600 97,800 126,600 103 69,000 46,000 57,900 104 34,900 32,600 58,400 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
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Ответ:
The calculation is shown below:
Explanation:
1. The computation of the carrying value of the inventory is shown below:
Product Total Cost Total Replacement Cost Total Net Realizable Value Lower value
101 $139,000 $127,100 $115,500 $115,500
102 $103,600 $97,800 $126,600 $97,800
103 $69,000 $46,000 $57,900 $46,000
104 $34,900 $32,600 $58,400 $32,600
Total $346,500 $291,900
b. Now the journal entry is
In the case of immaterial
Cost of goods sold $54,600 ($346,500 - $291,900)
To Inventory $54,600
(Being the write off inventory is recorded)
In the case of material
Loss on inventory write off $54,600 ($346,500 - $291,900)
To Inventory $54,600
(Being the write off inventory is recorded)
Ответ:
brand loyalty
Explanation:
Brand loyalty: The term "brand loyalty" is determined as the propensity of specific consumers to "continuously purchase" a particular brand's products over some other brand's products. However, a specific consumer's behavioral patterns are responsible for demonstrating that he or she will continue to purchase products from the same company that has been fostered a "trusting relationship".
In the question above, the given statement represents brand loyalty.