Business
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 136,000 $ 108,000 102 99,000 118,000 103 68,000 58,000 104 38,000 58,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.
The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $85,800 Direct materials 115,000 Direct labor 140,000 Factory overhead 296,200Jobs finished during January are summarized as follows: Job 210 $182,500 Job 216 78,300 Job 224 $232,190 Job 230 67,250 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31.
At the beginning of April, Owl Corporation has a balance of $11,500 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $10,000. 2. Provide services to customers on account, $7,000. 3. Provide services to customers in exchange for cash, $1,700. 4. Purchase equipment and pay cash, $6,100. 5. Pay rent for April, $1,200. 6. Pay employee salaries for April, $2,000. 7. Pay dividends to stockholders, $1,250. Required: Using the external transactions above, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.)