Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows Total Net Total Replacement Cost Product Total Cost Realizable Value 101 102 103 104 $124,000 92,800 61,800 31,000 $113,600 87,600 41,200 29,000 $103,200 113,400 51,600 51,800 The normal gross profit percentage is 20% 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