Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:

Product	Total Cost			Total Net Realizable Value
101	$	160,000		$	120,000
102		108,000			130,000
103		80,000			70,000
104		50,000			70,000

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.