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 Total Replacement Cost $142.400 109. 300 51.00 36.700 Total Cost $156,000 115,800 37.100 39. 300 Total Net Realizable Value $129,400 141.500 65 000 65 900 102 103 104 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 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 TS e $ 5 $ 102 156,000 15 115,800 77.100 39,300 142,400 141,500 65,000 65,900 129,400S 106.7607 41.870 54,1107 82600 115,800 65,000 54,1107 129,400 115,800 77.100 3 9,3001 103 129,400 115,800 65,000 39,300 349 500 104 Totals $