Problem 9-2 (Algo) Lower of cost or net realizable value; by product category, and total inventory [LO9-1) Almaden Hardware 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 Quantity Inventory, by Product Category Tools: Hammers Sows Screwdrivers Paint products: 1-gallon cans Paint brushes 100 250 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 56e 100 6.60 4.60 5.60 5.10 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 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 Not Realizable By Individual Product By Total Value Products Inventory Product Cost Categories Tools: Hammers $ Saws Screwdrivers Total tools $ 6 $ Paint products 1.gallon cans Paint brushes Total paint $ 0 $ Total $ 6 $ 0 $ 0 0 S 0 0 Required 2 > Problem 9-2 (Algo) Lower of cost or net realizable value; by product, category, and total inventory (L09-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Realizable Value Per Unit Cost Quantity Inventory. by Product Category Tools: Hammers Sows Screwdrivers Paint products: 1-gallon cans Paint brushes 100 260 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 6.60 560 100 5.60 5.10 Required: 1. Determine the carrying value of inventory ot year-end, assuming the lower of cost ar 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 o applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, sele entry required in the first account field.) View transaction tot Journal entry worksheet 3 1 2 Record necessary year-end adjustment for Individual products. Noenter detits before create Transaction General Journal Dobit Credit Problem 9-2 (Algo) Lower of cost or net realizable value; by product category, and total inventory [LO9-1) Almaden Hardware Store sells two product categories, tools and paint products, Information pertaining to its 2021 year-end inventory is as follows: Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Hammers Sows Screwdrivers Paint products: 1-gallon cans Paint brushes 100 260 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 5.60 560 100 6.60 4.60 5.10 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 Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each o applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, sele entry required in the first account field.) View transaction list Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits General Journal Dobit Credit Transaction 2 Problem 9-2 (Algo) Lower of cost or net realizable value; by product category, and total inventory (L09-13 Almaden Hardware 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 Quantity Inventory. by Product Category Tools: Hanners Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 250 360 $ 5.60 10.60 2.60 $6.10 9.60 3.20 560 100 6.60 4.60 5.60 5.10 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 (o) 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 a applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, sele entry required" in the first account field.) View transaction list Journal entry worksheet 3 > Record necessary year-end adjustment for total inventory Note: Enter debts before credits General Journal Debit Credit Transaction 3
