Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows:

Inventory, by Product Category	Quantity			Per Unit Cost				Net Realizable Value
Tools:
Hammers	110			$	5.70			$	6.20
Saws	270				10.70				9.70
Screwdrivers	370				2.70				3.30
Paint products:
1-gallon cans	570				6.70				5.70
Paint brushes	110				4.70				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 that the company reports an inventory write-down as a line item in the income statement, for each of the LCNRV applications determine the amount of the loss.

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	By	By
		Realizable	Individual	Product	By Total
Product	Cost	Value	Products	Type	Inventory
Tools:
Hammers
Saws
Screwdrivers
Total tools	$0	$0
Paint products:
1-gallon cans
Paint brushes
Total paint	$0	$0
Total	$0	$0	$0	$0

Assuming that the company reports an inventory write-down as a line item in the income statement, for each of the LCNRV applications determine the amount of the loss.

(a)	Individual products
(b)	Product categories
(c)	Total inventory