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 Inventory, by Product Category Quantity Cost Value Tools : Hammers 120 $ 5.20 $ 5.70 Saws 220 10.20 9.20 Screwdrivers 320 2.20 2.80 Paint products: 1-gallon cans 520 6.20 5.20 Paint brushes 120 4.20 4.70 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 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. Lower of cost and NRV Product Cost Net Realizable Value By Individual By Product By Total Products Categories Inventory Tools Hammers Saws Screwdrivers Total tools $ 0 5 0 Paint products: 1-gallon cans Paint brushes Total paint 0 0 Total S 0 5 0 5 0 $ 0 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 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 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. Show less A View transaction list Journal entry worksheet 2 3 V 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 General Journal Debit Credit 1Complete this question by entering your answers in the tabs below. Required 1 Required 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. 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. Show less A View transaction list Journal entry worksheet