Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost $146,000 108,600 101 102 103 72,300 104 36,700 Total Replacement Cost $133,400 102,500 48,200 34,300 Total Net Realizable Value $121,200 132,700 60,800 61,500 The normal profit is 35% 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 $ $