Tatum Company has four products in its inventory. Information about ending inventory is as follows: The normal profit is 30% of total cost. Requitred: 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 ary necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. 1. Determine the carrying value of inventory assuming the iower of cost or market (LCM) rule is applied to individual products. 2. Assuming that inventory wite-downs are common for Tatum Company, record any necescary year-end adfucting entry. Complete this question by entering your answers in the tabs below. Assuming that inventory write-downs are common for Tatum Company record any necessary year-end adjusting entry. Note: If no entry is required for a transactionvevent, select. No journs record arfy necessary year-end adjusting Journal entry worksheet Record any necessary year-end adjuating entry assuming thas invencory wote. downs are common for Tatum Company