Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total cost $122,000 91,000 61,000 31,000 Total Net Realizable Value $101,000 111,000 51,000 51,000 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 101 102 103 104 Required 2 > Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product Total cost 101 $ 122000 102 91,000 103 61,000 104 31,000 Total Net Realizable Value $101,000 111,000 $1,000 $1,000 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 Required 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 inventory write-downs are common for Tatum Company Note:"Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry (Required 1