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Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows Total Replacement Cost $150,500 115,300 54,200 38,900 Total Net Realizable Value $136,700 149,300 68,700 69,900 Product Total Cost 101 $165,000 122,200 81,300 41,600 102 103 104 The normal gross profit percentage is 25% 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 1Required 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 Replacement cost Market Inventory Product Cost NRV NRV - NFP Value 101 102 103 104 $ 136,700 165,000 122,200 81,300 41,600 Totals 410,100 $ 150,500$ 136,700 149,300 68,700 69,900 136,700 115,300 54,200 38,900 $ 136,700 Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)