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Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: 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)-individualproduets, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1 . Complete this question by entering your answers in the tabs below. Determine the careying value of inventory at -year-end, assuming the lower of cost or net realizable value(LCNRV) .rule is applied to (a) individual products, (b) preduct categories, and (c) total inventory. 1 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to total inventory. Note : = journal entry has been entered