Week 8: Homework Saved 1 1 Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: 7 points Product 101 102 103 184 Total Cost $142, eee 180,00 71,800 41,800 Total Net Realizable Value $111, eee 121,800 61,000 61,000 eBook 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. Ask Print Complete this question by entering your answers in the tabs below. References 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 S S 101 102 103 142.000 100,000 111,000 121.000 61.000 104 71,000 41,000 354,000 61,000 s 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