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Almaden Hardware Store sells two product categories, tools and paint products. Information pe is as follows: Per Unit Cost Net Realizable Value Quantity Inventory by Product Category Tools: Hammers Sawa Screwdrivers Paint products: 1-gallon cans Paint brushes 120 100 200 $4.00 9.00 1.00 $4.50 8.00 1.60 400 120 5.00 3.00 4.00 3.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable (a) individual products, (b) product categories, and (c) total inventory 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjust LCNRV applications in requirement 1. ences 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 am applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transac entry required in the first account field.) View transaction list Journal entry worksheet u haven't start Assuming inventory write-downs are common for Almaden, record any necessary year-end ad applications in requirement 1. (Do not round intermediate calculations. If no entry is required entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record necessary year-end adjustment for individual products, Note: Enter debits before credits Transaction General Journal Credit Debit 3,940 1 3,940 500 explanation Record entry Clear entry View general journal Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits. Transaction General Journal Debit Credit 340 340 explanation Record entry Clear entry View general journal fted Firefox in a while. Do you want to clean it up for a fresh, like-new experience? And by the way, welcome back! edi Required 2 ng inventory write-downs are common for Almaden, record any necessary year-end ations in requirement 1. (Do not round intermediate calculations. If no entry is require required in the first account field.) transaction list ournal entry worksheet Record necessary year-end adjustment for total inventory. Note: Enter debits before credits. Transaction General Journal General Debit Credit 260 260 explanation Record entry Clear entry View general journal