Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Total Net Product Total (551: Replacement Cost Realizable Value 101 $167,000 $152,300 $138,300 1'02 123,600 116,600 151, 000 103 32,200 54,800 69,500 104 42, 100 39,400 70,300 The normal prot 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. - - Determine the carrying value of Inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule ls applied to individual products. In as moo $ 152.300 $ 133,300___ _M___ m mm\"___ 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.) 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