Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Tools: Net Quantity Per Unit Cost Realizable Value Hammers 120 $ 5.50 $6.00 Saws 250 10.50 9.50 Screwdrivers 350 2.50 3.10 Paint products: 1-gallon cans 550 6.50 5.50 Paint brushes 120 4.50 5.00 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. Journal entry worksheet < 1 2 3 Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cost of goods sold explanation Inventory Record entry Clear entry View general journal View transaction list Journal entry worksheet < 2 3 Record necessary year-end adjustment for product categories. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Cost of goods sold Inventory explanation > Journal entry worksheet 1 3 Record necessary year-end adjustment for total inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Cost of goods sold explanation Inventory Record entry Clear entry View general journal