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 Coat $136.000 99.000 68,000 38.000 Total Net Realizable Value $100,000 110,000 50.000 50,000 109 104 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is 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 of net realizable value (LONRV) rule is applied to individual products. Product Cosi NIV Inventory Value $ 101 102 100 104 136.000 99.000 58000 35.000 341000 108.000 118.000 58,000 58.000 5 Required 2 > 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 1 Record any necessary year end adjusting entry assuming that inventory write downs are common for Tatum Company Notar Enter debts before credits Transaction General Journal Derbit Credit 1 Record entry Clear entry View general journal