Exercise $9-3($Algo$)$ Lower of cost or net realizable value $[$LO$9-1]$

Tatum Company has four products in its inventory. Information about ending inventory is as follows:

Required:

Determine the carrying value of ending inventory assuming the lower of cost or net realizable value $($LCNRV$)$ rule is applied to

individual products.

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.

Determine the carrying value of ending inventory assuming the lower of cost or net realizable value $($LCNRV$)$ rule is applied to

individual products.