Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Total Total Net Realizable Value Product Total Cost Replacement Cost $115,400 88,900 41,800 29,500 $104,800 115,100 52,400 52,700 101 $126,000 94,200 62,700 31,500 102 103 104 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 2 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. Inventory Value Replacement Market NRV NP NRV Cost Product cost 101 102 103 104 0 Totals $ Journal entry worksheet