Question 4: P9-2 Lower of cost and net realizable Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2016 year-end inventory is as follows: value LO9-1 Net Inventory, Per Unit Realizable by Product Type Quantity Cost Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans 500 Paint brushes 88888 100 $5.00 $5.50 200 10.00 9.00 300 2.00 2.60 6.00 5.00 100 4.00 4.50 Required: 1. Determine the book value of inventory at year-end, assuming the lower of cost and net realizable value rule is applied to (a) individual products, (b) product type, 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 lower of cost and net realizable value applications determine the amount of the loss.