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 120 $ 4.60 $ 5.10 Saws 160 9.60 8.60 Screwdrivers 260 1.60 2.20 Paint products: 1-gallon cans 460 5.60 4.60 Paint brushes 120 3.60 4.10 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.

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 and NRV Net Realizable Value By Individual Products By Product Categories By Total Inventory Product Cost Tools: Hammers Saws Screwdrivers Total tools $ 0 $ 0 Paint products: 1-gallon cans Paint brushes Total paint $ 0 $ 0 Total $ 0 $ 0 $ 0 $ 0 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 Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 explanation Record entry Clear entry View general journal Journal entry worksheet