Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Total Replacement Cost Total Net Product Total Cost Realizable Value 101 $142,000 102 103 104 105,800 70,500 35,700 $129,800 99,900 47,000 33,300 $118,000 129,300 59,200 59,700 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 Complete this question by entering your answers in the tabs below Required 1 Required 2 Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products NRV NRV - NP Market Product Cost Replacement cost 101 102 103 104 Totais Required 2