Answer:
Tatum Company
1. The carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to individual products is:
=  $ 303,000
2. Adjusting Journal Entry:
Debit Cost of Goods Good $38,000
Credit Inventory $38,000
To write-down the value of ending inventory.
Explanation:
a) Data and Calculations:
Product   Total Cost     Total Net Realizable Value    LCNRV
101            $ 136,000        $ 108,000                           $ 108,000
102               99,000             118,000                               99,000
103               68,000             58,000                                58,000
104               38,000             58,000                                38,000
Total        $ 341,000       $ 342,000                          $ 303,000
Write-down:
Cost of inventory =    $341,000
LCNRV of inventory    303,000
Inventory write-down $38,000