Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Realizable Value Inventory by Product Category Tools: Per Unit Quantity Cost $ 5.00 Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 $5.50 9.00 2.60 10.00 2.00 200 300 500 6.00 5.00 100 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 that the company reports an inventory write-down as a line item in the income statement, for each of the LCNRV applications determine the amount of the loss. 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 or NRV Net Realizable Value By Individual Products By Product By Total Inventory Product Cost Tools Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Required 2 Required 1