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

Product Total Cost Total Net Realizable Value

$101$ $ $122,000$ $ $101,000$

$10291,000111,000$

$10361,00051,000$

$10431,00051,000$

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.