4 Exercise 9.6 (Algo) Lower of cost or market (LO9-1] Tatum Company has four products in its inventory Information about the December 31, 2021, inventory is as follows: ts Product Total Cost 101 $249.000 102 107,200 103 71.400 104 36,200 Total Replacement Coac $31,600 101,200 17,600 33,800 02 4057 Total Net Realitate Value $119.600 131.000 60,000 69,600 The normal profit is 30% of total cost Required: 1. Determine the carrying value of inventory at December 31, 2021, 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: Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to dividual products Product NRV NRV-NP Market Inventory Value 101 102 103 104 Totals Total Cost Replacement cost $ 144,000 $ 131.600 $ 107,200 101,200 71,400 47,600 36,200 33,800 $ 358,800 119,600 131,000 60.000 60,600 $ Required 2 > 4 Required: 1. Determine the carrying value of inventory at December 31, 2021.the lower of cost or market (LCM) rule is applied to individual products, 2. Assuming that inventory write downs are common for Tatum Company, second any necessary year-end adjusting entry. . 42 Complete this question by entering your answers in the tabs below Required Required 2 Assuming that inventory write down are common for Tatum Company record any necessary year and adjusting entry. if no entry is required for a transaction/ventet "No journal entry required in the first account field.) View transaction ist Journal entry worksheet Record any necessary year and adjusting entry anuming that inventory write downs are common for Tatum Company Notre dit baie trots Transaction General Joumal De