value: 10.00 points Problem 9-2 Lower of cost and net realizable value [LO9-1 Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2016 year-end inventory is as follows Net Realizable Value Per Unit Inventory by Product Type Tools Quantity Cost Hammers Saws Screwdrivers 120 130 230 $4.30 9.30 1.30 $4.80 8.30 1.90 Paint products 1-gallon cans Paint brushes 430 120 5.30 3.30 4.30 3.80 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 Net Realizable Value By Individual Products Lower of cost and NRV By Product Type By Total Inventory Product Cost Tools Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total 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. (a) Individual products (b) Product type (c) Total inventory