Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $131,000 102 97,800 103 65,100 104 32,800 Total Replacement Cost $119,900 92,300 43,400 30,700 Total Net Realizable Value $108,900 119,500 54,500 54,900 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 $ 131,000 $ 119,900 $ 108,900 102 97,800 92,300 119,500 103 65,100 43,400 54,500 104 32,800 30,700 54,900 Totals $ 326,700 < Required 1 Required 2 >