Check my work Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 Total Cost $140,000 Total Net Realizable Value 102 100,000 $110,000 120,000 103 104 70,000 40,000 60,000 60,000 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 Journal entry worksheet < Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Prev 1 of 7 Next >