Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Total Net Replacement Cost Realizable Value 101 $167, 000 $152, 300 $138, 300 102 123, 600 116, 600 151, 000 103 82, 200 54, 800 69,500 104 42, 100 39, 400 70, 800 The normal profit is 20% 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 NRV NRV - NP Market Inventory cost Value 101 $ 167,000 $ 152,300 $ 138,300 123,600 116,600 151,000 103 82,200 54,800 69,500 104 42, 100 39,400 70,800 Totals $ 414,900 $ 0 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 1 Record entry Clear entry View general journal