Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 103 104 Total Cost $159,000 118,000 78,600 40,100 Total Replacement Cost $145, 100 111,400 52,400 37,400 Total Net Realizable Value $131,900 144,200 66,300 67,200 The normal profit is 35% 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. Answer is not complete. 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 S $ $ $ $ 101 102 103 104 Totals 159,000 118,000 78,600 40,100 395,700 145,100 111,400 52,400 37,400 131,900 144,200 66,300 67,200 76,250 102,900 38,790 53,165 131,900 102,900 X 66,300 67,200 $ $ 0 Required 1 Required 2 >