Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:

Required: 1. Please help me 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, please help me record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Thank you!

Almaden Hardware Store sells two product categories, tools and paint 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 100 260 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 560 100 6.60 4.60 5.60 5.10