7 Required 1 Required 2 10 points Skipped Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list eBook Print References Journal entry worksheet 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2 > Show less 7 Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Per Unit Net Realizable 10 points Inventory, by Product Category Tools: Quantity Cost Value Hammers Saws 120 160 $ 4.60 9.60 $ 5.10 Skipped Screwdrivers 260 1.60 8.60 2.20 Paint products: 1-gallon cans 460 5.60 4.60 Paint brushes 120 3.60 4.10 eBook Required: Print References 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 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. 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. Product Cost Net Realizable Value By Individual Products Lower of cost and NRV By Product Categories By Total Inventory Tools: Hammers Saws Screwdrivers Total tools $ 0 $ 0 Paint products: 1-gallon cans Paint brushes Total paint $ 0 $ 0 Total 0 $ 0 $