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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 103 104 Total Cost $156,000 108,000 78,000 48,000 Total Net Realizable Value $118,000 128,000 68,000 68,000 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 Totum 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 NRV Inventory Value $ 101 102 Cost 156,000 $ 108,000 78,000 48,000 390,000 118,000 128,000 68,000 68,000 103 104 $ $ 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 $156,000 108,000 78,000 48,000 Total Net Realizable Value $118,000 128,000 68,000 68,000 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 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Cost of goods sold Inventory

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