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: Hammer Savs Screwdrivers Paint products: 1-gallon cans Paint brushes Quantity 110 270 370 Per Unit Cost $ 5.70 10.70 2.70 Net Realizable Value $6.20 9.70 3.30 570 110 6.70 4.70 5.70 5.20 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. 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 yet realizable value (LCNRV) rule is applied to (a) Individual products, (b) product categories, and (c) total inventory Lower of cost and NRV Net Realizablo By Individual By Product By Total Value Products Inventory Product Cost Categories Tools: Hammers Suws Screwdrivers Total tools $ os Paint producto 1-gallon cans Paint brushes Total paint 5 $ Total $ 5 $ 05 0 0 0 RE Required 2 > applications in requirement 1. (Do not round intermediate calculations. If no entry is required for 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. General Journal Debit Credit Transaction 1 explanation Record entry Clear entry View general Journal Pro Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 explanation Record entry Clear entry View general Journal View transaction list Journal entry worksheet