Ace Hardware Store sells two product categories, tools and paim products Information pertaining to its year-end inventory is as follows Required: 1. Determine the carrying value of inventory at yeat-end, as tuming the lower of cost or net reahizoble value (CCNRV) rule is applied ro (0) individuol products. (b) product categoties. and (c) total inventory 2 Assuming inventory wite downs are comman for Ace, fecord any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1 Complete this question by entering your answers in the tabs below. Determine the carrying value of inventory at year-end, assuming the lower of cost or net re slizable value (LCNRV) nute is applied to (a) indinidual products, (b) product categones, and (c) total inventary