Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 182 183 184 Total Cost $144,000 187,288 71,480 36,200 Total Replacement Cost $131,600 101,280 47,600 33,880 Total Net Realizable Value $119,6ee 131,800 68,888 60,620 The normal profit is 30% 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 dividual 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 NRV NRV - NP Market Inventory Value $ $ $ $ $ 101 102 103 104 Total 144,000 107,200 71.400 36,200 358 800 Replacement cost $ 131,800 101,200 47,600 33,000 119,800 131,0001 60,000 60,600 75,400 98,840| 30,500 49,740| 119,600 101,200 47,600 49,740 119,600 101,200 47,600 36,200 4 Anl $