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Help Save & E 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 $136,000 101,400 67,500 34,100 Total Replacement cost $124,400 95, 700 45,000 31,900 Total Net Realisable Value $113,000 123,900 56, 600 57.100 The normal profitis 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 to individual products. Product Total Cost Replacement cost NRV NRV - NP Market Inventory Value 101 $ 136,000 S 102 103 101,400 67.500 124,400 $ 95,700 45.000 113,000 123,900 56.600 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 NRV NRV - NP Market Inventory Value 101 102 Total Cost Replacement cost $ 136,000 $ 124,400 $ 101.400 95,700 67,500 45,000 34,100 31,900 $ 339,000 113,000 123,900 56,600 57.100 103 104 Totals View transaction list Journal entry worksheet