Exercise 9-3 (Algo) Lower of cost or net realizable value (LO9-1] Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 Total Net Realizable Value $116,000 126.000 66,000 66,000 Total Cost $152,000 110,000 76,000 46,000 102 103 104 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 101 102 103 104 Homework Week 10 Help Save & Exit Submit Check my work 101 102 $152,000 110.000 76.000 46,000 103 $116,000 126,000 66,000 66,000 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. Print Required 1 Required 2 rences 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. Note: Enter debits before credits. Transaction General Journal Debit Credit