Tatum Company has four products in its inventory. Information about ending inventory is as follows: Total Replacement Cost Total Net Realizable Value $ 108,900 $ 119,900 92,300 119,500 43,400 30,700 Product 101 102 103 104 The normal profit is 25% of total cost. Total Cost $ 131,000 97,800 65,100 32,800 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Product Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. 101 102 103 104 Totale $ 4 Total Cost 131,000 97,800 65,100 32,800 326 700 Replacement cost $ 54,500 54,900 119,900 $ 92,300 43,400 30,700 NRV 108,900 119,500 54,500 54,900 NRV minus NP Market Inventory Value n

Tatum Company has four products in its inventory, Information about ending inventory is as foliows: The normal profit is 25% of totai cost: Requtred: 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. Complete this question by entering your answers in the tabs below