Tatum Company has four products in its inventory. Information about the December $31,2021,$ inventory is as follows:

Product Total Cost Total Net

Realizable Value

$101$ $ $138,000$ $ $109,000$

$10299,000119,000$

$10369,00059,000$

$10439,00059,000$

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.