Exercise 9-6 (Algo) Lower of cost or market [LO9-1] Tatum Company has four products in its inventory. Information about ending inventory is as follows: The normal profit is 20% of total cost. Required: 1. Determine the carrying value of inventory 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. Complete this question by entering your answers in the tabs below. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Tatum Company. Note: Enter debits before credits