Tatum Company has four products in its inventory. Information about ending inventory is as follows: Total Net Realizable Value Product Total Cost 101 $ 131,000 Total Replacement Cost $ 119,900 $ 108,900 102 97,800 92,300 103 65,100 104 32,800 119,500 54,500 54,900 The normal profit is 25% of total cost. Required: 43,400 30,700 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. Product Total Cost Replacement cost NRV NRV minus NP Market Inventory Value 101 $ 131,000 $ 119,900 $ 108,900 $ 108,900 $ 108,900 102 97,800 92,300 119,500 103 65,100 43,400 54,500 104 32,800 30,700 54,900 Totals $ 326,700 $ 108,900 < Required 1 Required 2 >