Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $139,000 102 103,600 103 69,000 104 34,900 Total Replacement Cost $127, 100 97,800 46,000 32,600 Total Net Realizable Value $115,500 126,600 57,900 58,400 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 individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting er 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 appli individual products. Product Total Cost Replacement NRV cost NRV - NP Market Inventory Value 101 $ 102 139,000 $ 103,600 69,000 34,900 346.500 127,100 $ 97,800 46,000 32,600 115,500 126,600 57,900 58,400 103 104 9 Totals $ $