Tatum's company has four products in its inventory. Information about ending inventory as follows:

Exercise 9-6 (Algo) Lower of cost or market [LO 9-1] Tatum Company has four products in its inventory, Information about ending inventory is as follows: The normal profit is 25% of fotal cost. Required: 1. Determine the carrying value of inventory assuming the lowet of cost or market (LCM) rule is applled to individuai products. 2. Assuming that inventory write-downs are common for Totum Company, record any necessary year-end adjusting entry Complete this question by entering your answers in the tabs below. Exercise 9-6 (Algo) Lower of cost or market [LO9-1] Tatum Company has four products in its inventory. Information about ending inventory is as follows: The normal profit is 25% of fotal cost Required: 1. Determine the carrying value of inventory assuming the lower of cost or market (LCM) rule is applied to individual produc 2. Assuming that inventory write-downs are common for Tatum Compony, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry Nete: If no entry is required for a transoctionevent, select "No journal entry required" in the first account field