P 9-2 Lower of cost or net realizable value; product, category, and total inventory EL09-1 Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Inventory, by Product Category Quantity Per Unit Realizable Cost Value Tools: Hammers 100 $ 5.00 $ 5.50 Saws 200 10.00 9.00 Screwdrivers 300 2.00 2.60 Paint products: 1-gallon cans 500 6.00 5.00 Paint brushes 100 4.00 4.50 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 adjusting entry for each of the LCNRV applications in requirement 1