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 101 102 103 Total Cost $134,000 97,000 67,000 37,000 Total Net Realizable Value $ 107,000 117,000 57,000 57,000 104 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 Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet