Seved 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 Cost Total Net Realizable Value $140,000 102 100,000 103 104 70,000 40,000 $110,000 120,000 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 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. Inventory Value Product Cost NRV 101 $ 140,000 $ 110,000 102 100,000 120,000 103 70,000 60,000 1041 40,000 60,000 $ 350,000 S 100 000 Required 2 >