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. Determine the carrying value of inventory at December 31,2021, assuming the lower of cost or market (LCM) rule is applied to individual products. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Tatum Company. Note: Enter debits before credits