Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers Saws 100 260 $ 5.60 $ 6.10 10.60 9.60 Screwdrivers Paint products: 1-gallon cans Paint brushes 360 2.60 3.20 560 6.60 5.60 100 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 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. Required 1 Required 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. Product Lower of cost and NRV Cost Net Realizable Value By Individual Products By Product Categories By Total Inventory Tools: Hammers Saws $ 5 Screwdrivers Total tools $ 5 $ 0 Paint products: 1-gallon cans Paint brushes Total paint Total $ 05 $ 0 $ 0 $ 0 $ < Required 1 Required 2 > 0