question 1: Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:

Inventory,

by Product CategoryQuantityPer Unit

CostNet Realizable ValueTools:Hammers100$4.20$4.70Saws1209.208.20Screwdrivers2201.201.80Paint products:1-gallon cans4205.204.20Paint brushes1003.203.70

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.

ezto.mheducation.com C Connect Homework Help - Q&A from Online Tutors - Course Hero Hawkins Corporation Began Construction Of A Motel ... | Chegg.com Chapter 9 i Saved Help Save & Exit Submit 2 Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 26 $ 96 $ 56 Replacement cost 24 91 46 4 Selling price 46 126 63 points Selling costs 14 Normal profit 11 36 18 Required: eBook What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Print Cost Replacement Per Unit Product cost NRV NRV - NP Market Inventory Value 1 $ 26 $ 24 $ 38 27 27 $ 26 References 2 96 91 95 59 95 95 3 56 46 49 31 31 31 Mc Graw Hill ducation ezto.mheducation.com C Connect Homework Help - Q&A from Online Tutors - Course Hero Hawkins Corporation Began Construction Of A Motel ... | Chegg.com Chapter 9 i Saved Help Save & Exit Submit Complete this question by entering your answers in the tabs below. Required 1 Required 2 4 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is points applied to (a) individual products, (b) product categories, and (c) total inventory Skipped Lower of cost and NRV Net Realizable | By Individual By Product By Total Value Products Inventory Product Cost Categories eBook Tools: Hammers Print Saws Screwdrivers Total tools $ o $ 0 References Paint products: 1-gallon cans Paint brushes Total paint $ o $ 0 Total $ o S o S o $ 0 Required 1 Required 2 > Mc Graw Hill ducation ezto.mheducation.com C Connect Homework Help - Q&A from Online Tutors - Course Hero Hawkins Corporation Began Construction Of A Motel ... | Chegg.com Chapter 9 i Saved Help Save & Exit Submit Complete this question by entering your answers in the tabs below. Required 1 Required 2 4 Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV points applications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal Skipped entry required" in the first account field.) View transaction list eBook Journal entry worksheet 2 Print Record necessary year-end adjustment for individual products. References Note: Enter debits before credits. Transaction General Journal Debit Credit explanation Record entry Clear entry View general journal Mc Graw ducation