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

$\backslash$table$[[,,$Total Net Realizable$],[$Product$,$Total Cost,Value$],[101,$$$130,000,105,000],[102,95,000,115,000],[103,65,000,55,000],[104,35,000,55,000]]$

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.

$\backslash$table$[[$Product$,$Cost,NRV$,\backslash$table$[[$Inventory$],[$Value$]]],[101,$$$,130,000,$$$,105,000,],[102,95,000,115,000,,,],[103,,65,000,55,000,,],[104,,35,000,,55,000,],[,$$$,325,000,,,]]$