Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product 101 102 103 104 Total Net Realizable Value Total Cost $ 149,000 Total Replacement Cost $136,100 $ 123,700 110,800 104,600 73,800 49,200 37,500 35,000 135,400 62,100 62,800 The normal profit is 40% 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual products. Replacement NRV NRV minus NP Market Inventory Value cost 136,100 s 123,700 Product Total Cost 101 149,000 $