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 $129,000 102 96,400 103 64,200 104 32,300 Total Replacement Cost $118,100 91,000 42,800 30, 200 Total Net Realizable Value $107,300 117,800 53,700 54,000 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. Answer is complete but not entirely correct. 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 appl individual products. Product Total Cost Total Cost Replacement cost NRV NRV - NP Market Inventory Value $ 129,000 $ $ $ 101 102 118,100 91,000 96,400 107,300 117,800 53,700 54,000 81,500 X $ 98,520 X 40,860 X 47,540 X 107,300 $ 117,800 X 53,700 X 54,000 X 103 64,200 42,800 30,200 107,300 117,800 X 53,700 X 54,000 X 332,800 104 32,300 321,900 Totals $ $ Required 1 Required 2 >