Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Product 101 102 103 104 Total Cost $158,000 109,000 79,000 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2018, 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, 2018, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost Inventory Value 101 102 103 104