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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total Cost $148,000 104,000 74,000 44,000 Total Net Realizable Value $114,000 124,000 64,000 64,000 103 184 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) 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 net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value S 101 102 103 148,000 $ 104,000 74,000 44,000 370,000 114,000 124.000 64.000 64,000 104 $ $ 0 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 $142,000 105,800 70,500 35,700 Total Replacement Cost $129,800 99,900 47,000 33,300 Total Realizable Value $118,000 129,300 59,200 59,700 The normal profit is 20% 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 $ 101 102 142,000 $ 105,800 70,500 35,700 354,000 129,800 $ 99,900 47,000 33,300 103 118,000 129,300 59,200 59,700 104 Totals $ S 0

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