Problem 9-2 (Algo) Lower of cost or net realizable value; by product category, and total Inventory [LO9- 11 Almeden Hardwere Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Per Unit Cost Net Realizable Value Inventory. by Product Category Tools: Hartners Saws Screwdrivers Paint products: 1-gallon cans Paint brushes Quantity 120 190 290 $4.90 $5.40 8.90 2.5e 1.90 49a 120 5.99 3.90 4.90 4.40 H Required: 1. Determine the carrying value of inventory st year-end, assuming the lower of cost or net realizable volue (LCNRV) rule is applied to () individual products, (b) product categories, and (c) total inventory 2. Assuming inventory write-downs are common for Almeden, 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 By Net Reallzable By Individual Product By Total Value Products Categories Inventory Cost Product Tools: Hammers Saws Screwdrivers Tatal pals s 0 $ 0 Paint products: 1-gallon cans Paint brushes Total paint Total S 01$ 0 S 0 0 S 0 $ 0 Required 1 Required 2 > 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 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 product categories. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 explanation Record entry Clear entry View general journal 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
