The normal profit is $30\%$ of total cost.

Required:

Determine the carrying value of inventory assuming the lower of cost or market $($LCM$)$ rule is applied to individual products.

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.

Assuming that inventory write$-$downs are common for Tatum Company, record any necessary year$-$end adjusting entry.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Cost of goods sold,,$],[,,4,,]]$