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 $ 161,000 119,480 79,500 40,600 Total Replacement Cost $146,909 112,700 53,000 37,900 Total Net Realizable Value $133, see 145,900 67.100 68.100 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 101 102 103 104 Totals Required 1 Required 2 > Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 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