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 $150,000 105,000 75,000 45,000 Total Net Realizable Value $115,000 125,000 65,000 65,000 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 $ $ 115,000 102 150,000 105,000 75,000 125,000 65,000 103 104 45,000 65,000 $ 375,000