Problem 9-2 (Algo) Lower of cost or net realizable value; by product, category, and total inventory [LO9- 1] Ace Hardware Store sells two product

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Problem 9-2 (Algo) Lower of cost or net realizable value; by product, category, and total inventory [LO9- 1] Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Per Unit Net Realizable Inventory, by Product Category Quantity Cost Value Tools: Hammers 120 $ 4.90 $ 5.40 Paint products: Saws Screwdrivers 1-gallon cans Paint brushes 190 9.90 8.90 290 1.90 2.50 490 5.90 4.90 120 3.90 4.40 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 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. 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.