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 101 102 103 104 Total Cost $142,000 105,800 70,500 35,700 Total Replacement Cost Re $ 129,800 99,900 47,000 33,300 Total Net Realizable Value $118,000 129,300 59,200 59,700 The normal profit is 20% 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 individual products. Product Total Cost Replacement cost NRV NRV - NP Market Inventory Value 101 102 103 104 Totals Required 1 Required 2 >