Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 183 104 Total Cost $142,800 105,800 70,500 35,700 Total Replacement Cost $129,800 99,900 47,000 33,300 Total Net Realizable Value $118,000 129,300 59,200 59,709 The normal profit is 20% 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 Totum 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 Totals 142,000 5 105,800 70,500 35,700 354,000 129,800 $ 99,900 47,000 33.300 118,000 129 300 59,200 59,700 5 $ Required 2 >