Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:

latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% 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 101 102 103 104 Totals $ 0 ( Required 1 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 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 Debit Credit Record entry Clear entry View general journal