Tatum Company has four products in its inventory. Information about the December 31, 2016, inventory is as follows Total Net Total Realizable Product Cost Value 102 103 104 101 $126,000 $ 103,000 93,000 113,000 63,000 53,000 33,000 53,000 Required: 1. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products Inventory Value Product Cost NRV 101 102 103 104 2. Assuming that Tatum reports an inventory write-down as a line item in the income statement, determine the amount of the loss. Los from write- down of inventory