Please show step-by-step how to do each section and where you are getting the numbers from. Thank you.

Check my work Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: points Product Total Cost 101 $ 163,000 102 120, 800 103 80,400 104 41,100 Total Replacement Cost $ 148,700 114,000 53,600 38,400 Total Net Realizable Value $135, 100 147,600 67,900 69,000 eBook Print The normal profit is 40% of total cost. References 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 $ 163,000 $ 148,700 101 102 Complete this question by entering your answers in the tabs below. points eBook Required 1 Required 2 Print Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. References Product Total Cost Replacement cost NRV NRV - NP Market Inventory Value $ 163,000 $ 148,700 101 102 103 104 Totals $ 163,000 Required 1 Required 2 > View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal