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 110 210 310 $ 5.10 10.10 2.10 $5.60 9.10 2.70 510 110 6.10 4.10 5.10 4.60 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. X Answer is not complete. 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 Cost Product Tools: Hammers Saws $ $ 561$ 2,121 616 1,911 561 1,911 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. X Answer is not complete. 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 Product Categories By Total Inventory Cost $ Product Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total 561$ 2,121 651 3,333 $ 616 $ 1,911 837 3,364 561 1,911 651 $ $ 3,333 $ 2,601 451 3.111$ 451 3,562 6.895 2,601 506 3,107 6,471 $ // $ $ 6,175 $ 3,333 Liewulivers 510 2.10 2.10 Paint products: 1-gallon cans Paint brushes 510 110 6.10 4.10 5.10 4.60 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. Answer is not complete. 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.) No Transaction General Journal Credit Debit 580 X 1 1 Cost of goods sold Inventory 705 % 2 2 Cost of goods sold Inventory 3 3 Cost of goods sold Inventory
