Tatum Company has four products in its inventory. Information about December 31, 2018, inventory is as follows:

Product Inventory

Tatum Company Product	Total Cost	Total Net Realizable Value
101	120,000.00	100,00.00
102	90,000.00	110,000.00
103	60,000.00	50,000.00
104	30,000.00	50,000.00

Assignment:

1. Determine the carrying value of inventory at December 31, 2018, 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.