Exercise 9-6 Lower of cost or market [LO9-1] Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows Total Total Net Product Total cost Replacement Cost Realizable Value 101 102 103 104 $142,000 105,800 70,500 35,700 $129,800 99,900 47,000 33,300 $118,000 129,300 59,200 59,700 The normal gross profit percentage is 20% of total cost. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products Replacement cost Inventory Value Product Cost NRV NRV - NP Market 101 102 103 104 Totals$