nework a Saved Hel 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 101 102 103 104 $129,000 96,400 64,200 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. 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 $ 129,000 $ 118,100 $ 91,000 107,300 117,800 102 96,400 LA on 102 17 on 527nn