Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2013 year-end inventory is as follows:

Inventory by product type	Quantity	Per Unit Cost	Designated Market
Tools:
Hammers	110	$6.00	$6.50
Saws	300	$11.00	$10.00
Screwdrivers	400	$3.00	$3.60
Paint products:
1-Gallon cans	600	$7.00	$6.00
Paint Brushes	110	$5.00	$5.50

Required:
1.	Determine the balance sheet inventory carrying value at year-end, assuming the LCM rule is applied to (a) individual products, (b) product type, and (c) total inventory.

			Lower-of-Cost-or-Market
Product	Cost	Designated Market Value	By Individual Product	By Product Type	By Total Inventory
Tools:
Hammers	$660	$715	660	?	?
Saws	$3300	$3000	3000	?	?
Screwdrivers	$1200	$1440	1200	?	?
Total tools	$5160	$5155	?	?	?
Paint products:
1-Gallon cans	4200	3600	3600	?	?
Paint brushes	550	605	550	?	?
Total paint products	4750	4205	?	?	?
Total	?	?	?	?	?

2.

Assuming that the company recognizes an inventory write-down as a separate income statement item, for each of the LCM applications determine the amount of the loss.

Individual Products	?
Product Type	?
Total Inventory	?