Bookmarks Gmail Wellsfargo * Dropbox (p HP Con.. ILearn CSUMB Oasis School Bills Life & 9: Inventory Saved 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 $167,000 123,600 82,200 42, 100 Total Replacement Cost $152,300 116,600 54,800 39,400 Total Net Realizable Value $138,300 151,000 69,500 70,800 Book The normal profit is 20% of total cost. Print 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. erences 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 >