Almaden Hardware Store sells two product categories, tools and paint

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

Net Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: Per Unit Realizable Value Quantity C


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 adjusting entry for each of the LCNRV applications in requirement 1.

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