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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory...

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Accounting

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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: 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 indlividual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary yar-end adjusting entry. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Tatum Company. Note: Enter debits before credits

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