Per Unit Cost Net Realizable Value Quantity Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 280 380 $ 5.80 10.80 2.80 $6.30 9.80 3.40 580 120 6.80 4.80 5.80 5.30 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. Complete this question by entering your answers in the tabs below. 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 By Individual Value Products Product Categories By Total Inventory Cost Product Tools: S 756 $ 696 Hammers Saws 696s 3,024 1,064 4,784 $ 2,744 1,292 4,792 2,744 1,064 Screwdrivers Total tools $ $ 4,784 TAL S Paint products: 1-gallon cans Paint brushes Total paint Total 3,364 3,944 S 576 3,364 576 636 $ 4,520 9,304 4,000 8,792 $ 4,000 8,784 S S 8,444 $ 8,792 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. 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 amount for each of the LCNRV applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 explanation Record entry Clear entry View general journal View transaction list Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 explanation Record entry Clear entry View general journal view transaction list Journal entry worksheet
