Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total cost 101 $144,000 107,200 103 71,400 104 36,200 Total Replacement Cost $131,600 101,200 47,600 33,800 Total Net Realizable Value $119,600 131,000 60,000 60,600 102 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. 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 $ 101 102 103 104 144,000 $ 107,200 71,400 36,200 358,800 131,600 $ 101,200 47,600 33,800 119,600 131,000 60,000 60,600 Totals $ $ Required Required 2 > 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 General Journal Dobit Credit 1 Record entry Clear entry View general Journal