1. Determine the book value of inventory as of December 31, 2021, assuming that the least cost or market (LCM) rule is applied to individual products.
2. Assuming inventory markdowns are common for the Tatum Company, record any necessary year-end adjustment entries.

Tatum Company has four products in its inventory. The information on the inventory as of December 31, 2021 is as below:

Product	Total cost			Total Replacement Cost			Total Net Achievement Value
101	ps	156,000		ps	142.400		ps	129,400
102		115,800			109,300			141,500
103		77,100			51,400			65,000
104		39,300			36,700			65,900