Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 230 330 $ 5.30 10.30 2.30 $5.80 9.30 2.90 530 100 6.30 4.30 5.30 4.80 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 Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Lower of cost and NRV Net Realizable By Individual Value Products Product Categories By Total Inventory Cost Product Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total X: 1 > Record necessary year-end adjustment for individual products. 2 Record necessary year-end adjustment for product categories. 3 Record necessary year-end adjustment for total inventory. Credit Note : = journal entry has been entered explanation Record entry Clear entry View general Journal On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $ 158,000 388,000 640,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. Beginning inventory Plus: Net purchases Cost of goods available for sale Less: Cost of goods sold: Net sales Less: Estimated gross profit Estimated cost of goods sold Estimated cost of inventory destroyed