Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 103 104 Total Cost $126,000 94,200 62,700 31,500 Total Replacement Cost $115,400 88,900 41,800 29,500 Total Net Realizable Value $104,800 115,100 52,400 52,700 The normal profit is 40% 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 $ 102 103 126,000 $ 94,200 62,700 31,500 314,400 115,400 $ 88,900 41,800 29,500 104,800 115,100 52,400 52,700 104 Totals 0 Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 103 104 Total Cost $126,000 94,200 62,700 31,500 Total Replacement Cost $115,400 88,900 41,800 29,500 Total Net Realizable Value $104,800 115,100 52,400 52,700 The normal profit is 40% 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 $ 102 103 126,000 $ 94,200 62,700 31,500 314,400 115,400 $ 88,900 41,800 29,500 104,800 115,100 52,400 52,700 104 Totals 0