Problem 9-2 (Algo) Lower of cost or net realizable value; by product category, and total inventory [LO9. 1] Almaden Hardware Store sells two product categories, tools and paint products Information pertaining to its 2021 year-end inventory is as follows Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Homers Saw Screwdrivers Paint products: 1-gallon cans Paint brushes 110 140 $4.40 9.40 1.40 $4.90 8.40 240 2.00 440 110 3.40 4.40 3.90 Sequired: 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 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 and NRV Net Realizable By Individual Value Products Product Categories By Total Inventory Cost Product Tools Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total $ 0 $ 0 0 $ $ 0 $ 0 $ 0 S 0 $ Required 2 > View transaction list X 1 Record necessary year-end adjustment for individual products. 2. Record necessary year-end adjustment for product categories 3 Record necessary year-end adjustment for total Inventory Credit Note: = journal entry has been entered explanation