5 nts Exercise 9-3 (Algo) Lower of cost or net realizable value [LO9-1] Tatum Company has four products in its inventory. Information about ending inventory is as follows Product Total Cost eflock 101 $122,000 102 91,000 103 Print 104. 61,000 31,000 frances Total Net Realizable Value 5 101,000 111,000 51,000 51,000 Required: 1. Determine the carrying value of ending inventory 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 21 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to Individual products. Inventory Value Product Cost NRV 101 $ 122,000 $ 101,000 102 91,000 111,000 103 61,000 51,000 104 31,000 51,000 $ 305,000 Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal