Item3 5 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 3 Exercise 9-6 (Static) Lower of cost or market [LO9-1] Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product Total Cost Total Replacement Cost Total Net Realizable Value 101 $ 120,000 $ 100,000 $ 100,000 102 90,000 85,000 110,000 103 60,000 40,000 50,000 104 30,000 28,000 50,000 The normal profit is 25% 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.