Tatum Company has four products in its Inventory. Information about the December 31, 2021, Inventory is as follows: Product Total Cost Total Replacement Cost $142,400 Total Net Realizable value 101 $156,000 102 115,800 103 77,100 104 39,300 109,300 51,400 36,700 $129,400 141,500 65,000 65,900 The normal profit is 30% 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 complete but not entirely correct. 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 101 156,000 S 102 115,800 142,400 $ 109,300 129,400 S 141,500 103 77,100 51,400 65,000 104 39,300 36,700 65,900 82,600 106,760 41,870 54,110 156,000 115,800 $ 129,400 115,800 77,100 65,000 39,300 39,300 Totals $ 388,200 S 349,500 < Required 1 Required 2 > Tatum Company has four products in its Inventory. Information about the December 31, 2021, Inventory is as follows: Total $142,400 Product Total Cost Replacement Cost Total Net Realizable value 101 $156,000 $129,400 102 115,800 109,300 141,500 103 77,100 51,400 104 39,300 36,700 65,000 65,900 The normal profit Is 30% 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 complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal 1 1 Cost of goods sold Inventory < Required 1 Required 2 > Debit 38,700 Credit 38,700