Tatum Company has four products in its inventory. Information about ending inventory is as follows: Product Total Cost 101 $ 124,000 95,000 102 103 1041 62,000 32,000 Total Net Realizable Value $ 102,000 112,000 52,000 52,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV 101 $ 124,000 $ 102,000 Inventory Value