Ace Hardware Store sells two product categories, tools and paint proctucts. 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 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 opplications 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 of net realizable vafue (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 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 realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 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. Notei Enter debits before credits