Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Per Unit Realizable Cost Value Inventory. by Product Category Quantity Tools: Hammers 110 Saws 210 Screwdrivers 310 Paint products: 1-gallon cans 510 Paint brushes 110 $ 5.10 10.10 2.10 $5.60 9.10 2.70 6.10 4.10 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 Value By Individual Products Product Categories By Total Inventory Product Cost Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Journal entry worksheet 2 3 Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Transaction General Journal Debit Credit D explanation Record entry Clear entry View general journal Journal entry worksheet