Tatum Company has four products in its inventory. Information about the December 31, 2021, biventory is as follover: The normal profit is 25% of totar cost. Required: 1. Determine the cairying value of inventory at Becember 31, 2021. assuming the fower of cost of mighet (LCM) rible is apphiked to indtudual products 2. Assuming that imventory write-downs are common for Tatum Comparyi record any necessary year-end adjusting entiy Complete this question by entering your answers in the tabs below. Doternine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applled to individual products. Fssuming that inventory write downs are common for Tatum Company, record any necessary year-end adjustipg entry (if oo eriry is required for transactiongevent, solect "No journal ontry required" in the first accourt fiedd. Journal entry worksheet Record amy necessary year-end adjasting entry astuming that inventory write. Gowiss are common for Tatum Corngany