Exercise 9-3 (Algo) Lower of cost or net realizable value (L09-1 Tatum Compeny has four products in as invertory information about the December 31, 2021 entry as follow Total Product 101 Total Cost $340,000 102 100 104 Required: 1. Determine the carrying value of inventary at December 31, 2021 applied to individual products 2. Assuming that inventory ming Tatum Company second any r Complete this question by entering your answers in the Determine the carving value of inventory at December 31, 2011 rule is applied to individual produts Product CHA 101 . 102 103 104 3 MIV Exercise 9-3 (Algo) Lower of cost or net realizable value (L09- Tatum Company has four product 104 Required 1. Determine the carrying value of very December 2021 apped to individus products 2. Assuming thes Journal entry worksheet 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: Product Total Cost 101 $126,000 102 94,200 103 62,700 164 31,500 Total Replacement Cost $115,400 88,900 41,800 29,500 Total Net Realizable Value $104,800 115,100 52,400 52,700 The normal profit is 40% 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 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. Product Total Cost Replacement Cost NRV NRV NP Market Inventory Value 101 S 126,000 $ 115,400 S 104,800 102 94,200 88,900 115,100 103 62,700 41,800 52,400 104 31,500 29,500 52,700 Totals S 314,400 $ Required 1 Required 2 > Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Replacement Cost Total Net Healizable Value 181 $126,000 102 94,200 $115,400 88,900 $164,800 115,100 103 62,700 184 31,500 41,800 29,500 52,400 52,700 The normal profit is 40% 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 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 requined" in the first account field.) View transaction list Journal entry worksheet < 1 Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits Transaction 1 General Journal Debt Credit Record entry Clear entry View general journal