Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 103 104 Total Cost $134,000 97,000 67,000 37,000 Total Net Realizable Value $ 107,000 117,000 57,000 57,000 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 Inventory Value $ $ 101 102 134,000 97,000 67,000 37,000 335,000 107.000 117,000 57.000 103 104 57,000 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Tatum Company. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal