Help Save & Exit Submit 1 Check my work Tatum Company has four products in its inventory Information about the December 31, 2021, inventory is as follows: Product 101 102 103 184 Total Cost $152,00 113,000 75,300 38,300 Total Replacement Cost $138,800 106.700 50,200 35,700 Total Net Realfable Value $126,200 138,100 63,400 64,100 The normal profit is 35% 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.