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 110 170 270 $4.70 9.70 1.70 $ 5.20 8.70 2.30 470 110 5.70 3.70 4.70 4.20 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 By Individual Value Products By Product Categories By Total Inventory Cost Product Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total 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 total inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 explanation Record entry Clear entry View general journal