Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $165,000 102 122,200 103 81,300 104 41,600 Total Replacement Cost $150,500 115,300 54,200 38,900 Total Net Realizable Value $136,700 149,300 68,700 69,900 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 $ 165,000 $ 102 122,200 150,500 $ 115,300 136,700 $ 136,700 $ 136,700 149,300 103 81,300 54,200 68,700 104 41,600 38,900 69,900 Totals $ 410,100 $ 136,700