Tatum Company has four products in its inventory. Information about the December 31, 2016, inventory is as follows: Product 101 Total Net Total Realizable Cost Value $158,000 $ 119,000 109,000 129,000 79,000 69,000 49,000 69,000 102 102 104 Required: 1. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products. Product Cost NRV Inventory Value 101 Prev 1 of 7 !!! Next > Chapter 9 Homework mework 6 Saved 102 103 104 109,000 79,000 49,000 129,000 69,000 69,000 Required: 1. Determine the book value of inventory at December 31, 2016, assuming the lower of cost and net realizable value rule is applied to individual products. Cost NRY Product 101 Inventory Value 102 103 Prev 1 of 7 8 Next > 104 2. Assuming that Tatum reports an inventory write-down as a line item in the income statement, determine the amount of the loss. Loss from write down of inventory Prev 1 of 7 !!! Next > S OP WPX80 D&OS