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 $144,000 102,000 72,000 42,000 Total Net Realizable Value $112.000 122,000 62,000 62,000 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 NRY Inventory B .. Assurting at mentory write-cowns are common tor matur company, record any necessary year-eno adjusung erty. Complete this question by entering your answers in the tabs below. poed 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. Book Product Cost NRV Inventory Value $ 101 102 103 104 144,000 $ 102,000 72.000 42.000 380,000 112.000 122.000 62.000 62,000 $ $ 0 Required 2 > Journal entry worksheet