Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $139,000 Total Replacement Cost $127,100 Total Net Realizable Value 102 103,600 103 69,000 104 34,900 97,800 46,000 32,600 $115,500 126,600 57,900 58,400 The normal profit is 40% 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 NRV NRV - NP Market cost Inventory Value 101 $ 139,000 $ 127,100 $ 115,500 I 102 103,600 97,800 126,600 103 69,000 46,000 57,900 104 34,900 32,600 58,400 Totals $ 346,500 $ < Prev 26 of 29 Next >