Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Per Unit Cost Net Realizable Value Quantity Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 100 200 $4.00 9.00 1.00 $4.50 8.00 1.60 400 120 5.00 3.00 4.00 3.50 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. Determine the amount of the necessary year-end adjustment amount (the "write-off" amount in the journal entry) 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 and NRV Net Realizable Value By Individual Products By Product Categories By Total Inventory Product Cost Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Required 1 Required 2 > 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 120 100 200 $4.00 9.00 1.00 $4.50 8.00 1.60 400 120 5.00 3.00 4.00 3.50 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. Determine the amount of the necessary year-end adjustment amount (the "write-off" amount in the journal entry) 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. (a) Individual products (b) Product categories (c) Total inventory