Tatum Company has four products in its inventory. Information about ending inventory is as follows:

Required:

Determine the carrying value of ending inventory assuming the lower of cost or net realizable value $($LCNRV$)$ rule is applied to

individual products.

Assuming that inventory write$-$downs are common for Tatum Company, record any necessary year$-$end adjusting entry.

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Determine the carrying value of ending inventory assuming the lower of cost or net realizable value $($LCNRV$)$ rule is applied to

individual products.