Exercise $9-6($Algo$)$ Lower of cost or market $[$LO$9-1]$

Tatum Company has four products in its inventory. Information about ending inventory is as follows:

The normal profit is $30\%$ of total cost.

Required:

Determine the carrying value of inventory assuming the lower of cost or market $($LCM$)$ rule is applied to individual products.

Assuming that inventory write$-$downs are common for Tatum Company, record any necessary year$-$end adjusting entry.

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Determine the carrying value of inventory assuming the lower of cost or market $($LCM$)$ rule is applied to individual products.