Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is appliec 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. Complete this question by entering your answers in the tabs below. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1. Note: Do not round intermediate calculations. If no entry is required for a transaction/event nal entry required" in the first account field. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1. Note: 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 A Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to total inventory. Note: Enter debits before credits