Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Product Total Cost 101 $126,000 102 94,200 103 62,700 31,500 Total Replacement Cost $115,400 88,900 41,800 29,500 Total Net Realizable Value $104,800 115,100 52,400 52,700 104 The normal gross profit percentage is 40% 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. Product Product Cost Cost Replacement cost NRV NRV - NP Market Inventory Value 101 102 103 104 Totals $ $ 0 Required 2 > Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjustin required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write downs are common for Tatum Company. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal