Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Cost Product 101 102 103 104 $167,000 123,600 82,200 42,100 Total Replacement Cost $152,300 116,600 54,800 39,480 Total Net Realizable Value $138,300 151,000 69,500 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: 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 Product NRV Total Cost NRV NP Inventory Value Market Ty year-end 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) individual products. Product Total Cost Replacement cost NRV NRV - NP Market Inventory Value 101 102 167 000 $ 123,600 82.200 42 100 414.900 152.300 $ 116.600 54.800 39.400 138,300 151.000 69.500 70.800 103 104 Totals Required 2 > View transaction list Journal entry worksheet 1 Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1