Tatum Company has four products in its inventory. Information about the December 31, 2021. Inventory is as follows: Product 101 102 Total Cost $156,000 108,000 78,000 48,000 Total Net Realizable Value $118,000 128,600 68,000 68,000 103 104 Required: 1. Determine the carrying value of inventory at December 31, 2021. assuming the lower of cost or net realizable value (LCNRV) nule 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 N RY Inventory Value 101 102 103 104 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 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record any necessary year end adjusting entry assuming that in downs are common for Tatum Company, Note: Enter debits before credits Transaction Gener Lo TIT