Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $159,000 102 118,000 103 78,600 104 40,100 Total Replacement Cost $145, 100 111,400 52,400 37,400 Total Net Realizable Value $131,900 144,200 66,300 67,200 The normal profit is 35% 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 $ 101 102 159,000 $ 118,000 78,600 40,100 395,700 145,100 $ 111,400 52,400 37,400 131,900 144,200 66,300 67,200 103 104 Totals $ S 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 Record entry Clear entry View general journal