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