Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Tools: Hanners Saws Screwdrivers Paint products: 1-gallon cans Paint brushes Quantity 120 280 380 580 120 Per Unit Net Realizable Cost Value $ 5.80 10.80 2.80 6.80 4.80 $ 6.30 9.80 3.40 5.80 5.30 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is appli 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. ok nces 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. Tools: Product Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Cost Net Realizable Value By Individual Products Lower of cost and NRV By Product Categories Required 2 > By Total Inventory 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. View transaction list 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 Record entry General Journal Clear entry Debit Credit View general journal Show less A 1 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2 3 list Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to total inventory. Note : = journal entry has been entered X COS