Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, Per Unit Net Realizable by Product Category Quantity Cost Value Tools: Hammers 100 $ 5.00 $5.50 Saws 200 10.00 9.00 Screwdrivers 300 2.00 2.60 Paint products: 1-gallon cans 500 6.00 5.00 Paint brushes 100 4.00 4.50 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. 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. Lower of cost or NRV Product Cost Net Realizable By Individual Value Products By Product Categories By Total Inventory Tools: Hammers Saws Screwdrivers Total tools $ 0 $ 0 Paint products: 1-gallon cans Paint brushes Total paint $ 0 $ 0 Total $ 0 $ 0 $ 0 $ 0 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: Quantity Per Unit Cost Net Realizable Value Tools: Hammers 100 $5.00 $5.50 Saws 200 10.00 9.00 Screwdrivers 300 2.00 2.60 Paint products: 1-gallon cans 500 6.00 5.00 Paint brushes 100 4.00 4.50 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. Complete this question by entering your answers in the tabs below. Required 1 Required 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. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet > 1 2 3 Record necessary year end adjustment for individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >