Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:

Product	Total Cost			Total Replacement Cost			Total Net Realizable Value
101	$	165,000		$	150,500		$	136,700
102		122,200			115,300			149,300
103		81,300			54,200			68,700
104		41,600			38,900			69,900

The normal profit is 25% 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.(if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 101 102 103 104 Totals $ 0 $ Required 1 Required 2 > Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal