Tatum company has four products in its inventory. information about the december 31, 2018, inventory is as follows: product total cost totalreplacement cost total netrealizable value101 $ 120,000 $ 100,000 $ 100,000102 90,000 85,000 110,000103 60,000 40,000 50,000104 30,000 28,000 50,000the 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.