Tatum Company has four products in its inventory. Information about ending inventory is as follows: Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied 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. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Lance-Hefner Specialty Shoppes decided to use the dollar-value LFO retail method to value its inventory. Accounting records provide the following information: Related retail price indexes are as follows: Required: Determine ending inventory and cost of goods sold using the information provided. On November 21, 2024, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $17,000. The following information was avallable from the records of Hodge's periodic inventory system: Based on recent history. Hodge's gross profit ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method. Complete this question by entering your answers in the tabs below. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Tatum Company. Note: Enter debits before credits