rrodiem y( Aigo) Lower or cost or net reaizabie vaiue; oy proauct, category, ana totai inveritory LLUy1] Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net reallzable value (LCNRV) rule is appiled to (a) individual products, (b) product eategories, 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. 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 categonies, and (c) total inventory. Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule 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 applications in requirement 1 . Complete this question by entering your answers in the tabs below. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV appli in requirement 1. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in first account field. rrodiem y( Aigo) Lower or cost or net reaizabie vaiue; oy proauct, category, ana totai inveritory LLUy1] Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net reallzable value (LCNRV) rule is appiled to (a) individual products, (b) product eategories, 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. 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 categonies, and (c) total inventory. Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule 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 applications in requirement 1 . Complete this question by entering your answers in the tabs below. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV appli in requirement 1. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in first account field
