Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 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 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. Cost NRV Inventory Value Product 101 102 103 104 $ 0 $ Required Required 1 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.) Show less 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 Required 2