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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

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 Quantity Per Unit Cost Net Realizable Value
Tools:
Hammers 120 $ 5.20 $ 5.70
Saws 220 10.20 9.20
Screwdrivers 320 2.20 2.80
Paint products:
1-gallon cans 520 6.20 5.20
Paint brushes 120 4.20 4.70

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.

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