Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net $118,000 Product 101 Total Cost Realizable Value $156,000 102 108,000 128,000 103 78,000 68,000 104 48,000 68,000 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. Product Cost NRV 101 $ 156,000 $ 118,000 102 108,000 128,000 103 78,000 68,000 104 48,000 68,000 $ 390,000 Inventory Value < Required 1 Required 2 >