1 Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year- end inventory is as follows: 5 points Per Unit Cost Net Realizable Value Quantity eBook Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 260 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 Print 560 6.60 5.60 Reference 100 4.60 5.10 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Complete this question by entering your answers in the tabs below. Required Required 1 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV Net Realizable Individual Product By Total Value Products Categories Inventory Cost Product Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Required 1 Required 2 > 1 560 6.60 5.60 products: 1-gallon cans Paint brushes 100 4.60 5.10 5 points eBook Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Print Complete this question by entering your answers in the tabs below. Reference Required Required 1 2 Assuming inventory write-downs are common for Almaden, record any necessary year- end adjustment amount for each of the LCNRV applications in requirement 1. (Do not round intermediate calculations. 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 necessary year-end adjustment for individual products. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 explanation Record entry View general journal Clear entry 1 560 6.60 5.60 products: 1-gallon cans Paint brushes 100 4.60 5.10 5 points eBook Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Print Complete this question by entering your answers in the tabs below. Reference Required Required 1 2 Assuming inventory write-downs are common for Almaden, record any necessary year- end adjustment amount for each of the LCNRV applications in requirement 1. (Do not round intermediate calculations. 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 necessary year-end adjustment for product categories. Note: Enter debits before credits. General Journal Debit Transaction 2 Credit explanation Record entry View general journal Clear entry 1 560 6.60 5.60 products: 1-gallon cans Paint brushes 100 4.60 5.10 5 points eBook Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Print Complete this question by entering your answers in the tabs below. Reference Required Required 1 2 Assuming inventory write-downs are common for Almaden, record any necessary year- end adjustment amount for each of the LCNRV applications in requirement 1. (Do not round intermediate calculations. 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 necessary year-end adjustment for total inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 explanation Record entry View general journal Clear entry