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 $128,000 91,000 64,000 34,000 Total Net Realizable Value $104,000 114,000 54,000 54,000 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 rule is applied to individual products. Inventory 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 belo Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 104.000 102 103 104 128,000 $ 91,000 64.000 34.000 317,000 114.000 54.000 54.000 5 Requir