Extracted text: NEWO: EX-US Presidar ylaghnhalpe.com Deot &Barkoruptcy Ht Tatum Company has four products In Its Inventory. Information about the December 31, 2018, Inventory is as follows: $135,100 147,600 67,900 69,000 101 $163,000 120,800 80,400 41,100 $148,700 114,000 53,600 38,400 102 103 104 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 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. Inventory Value Market Replacement cost NRV NRV-NP Product Cost 148,700 $ 135,100 101 163,000 120,800 114,000 147,600 102 103 80,400 53,600 67,900 41,000 38,400 69,000 104 0. %24 otals 405,200 Required 1 Required 2 > %24 %24