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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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products