Part 1 AND part 2 required

Taturm Company has four products in its inventory. Information about the December 31, 2013, inventory is as follows Procuct Total Cost Assuming that inventory write-downs are common tor Tatum Company, record any nacasary yaar-and adjusting entry (1t na cntry is required for transaction/event, sclcct'No journal cntry required' in the first account ficld.) The normal gross profit percentage is 25% of 10tal cost. Journal entry worksheet Required 1. Determine the rarrying value of inventary December 31, 2018, assuming the lnwer afrast ar market(LCM) rule applied to ndividuel producls 2 Assuming tha: inventory write downs are cemmon for Tatum Company, record any necessary year end adjusting entry. Recand any necassaryr-end usting antry ass iming that invantary we- downs are ccmmon for Tatum Company Complete this question by entering your answers in the tabs below. Nore: Enter debits betore credrs Rcquirsd 1Rcquired 2 applied Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market(LCM) rule i to individual products. Cost NRV NRV-NP Market Record enty iww general journal 104 lotal: S Raquirad 7