Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Per Unit Net Realizable Inventory, by Product Category Quantity Cont Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 110 $ 4.10 $ 4.60 110 9.10 8.10 210 1.10 1.70 410 5.10 4.10 110 3.10 3.60 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 Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1.