Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $120,000 102 90,000 103 60,000 104 30,000 Total Replacement Cost $100,000 85,000 40,000 28,000 Total Net Realizable Value $100,000 110,000 50,000 50,000 The normal profit is 25% 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 cost NRV NRV - NP Market Inventory Value 101 $ 120,000 $ 100,000 $ 100,000 102 90,000 85,000 110,000 103 60,000 40.000 50,000 104 30,000 28,000 50,000 Totals $ 300,000 $ Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Replacement Cost $100,000 Total Net Realizable Value 101 $120,000 102 90,000 103 60,000 104 30,000 85,000 40,000 28,000 $100,000 110,000 50,000 50,000 The normal profit is 25% 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 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.) View transaction list Journal entry worksheet 1 Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit