Tatum company has four products in its inventory. information about the december 31, 2021, inventory is as follows: product total cost total netrealizable value101 $ 120,000 $ 100,000 102 90,000 110,000 103 60,000 50,000 104 30,000 50,0001. 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.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.