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Exercise 9-3 (Algo) Lower of cost or net reallizable value [LO9-1] Tatum Company has four...

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Exercise 9-3 (Algo) Lower of cost or net reallizable value [LO9-1] Tatum Company has four produts in its inventory. Information about ending inventory is as follows: Required: 1. Determine the carrying value of ending inventory 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

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