Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Product Total Cost 101 $ 122,000 102 91,400 103 60,900 104 30,500 Total Replacement Cost $111,800 86, 300 40,600 28,500 Total Net Realizable Value $ 101,600 111,700 50,800 50,900 The normal gross profit percentage is 30% 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. Product Cost Replacement cost NRV NRV - NP Market Inventory Value 101 102 103 104 Totals