9 HW The normal gross profit percentage is 25% of total cost Required: 1. Determine the carrying value of inventory at December 31, 2018, 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) nuleis applied to individual products NRV NRV NP Market TOT hp Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year er required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal