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Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: 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. Assuming inventory witte-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 colculations. If no entry is required for a transaction/event, select "No journal entry required" in the first occount field Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for eac in requirement 1. Note: Do not round intermedlate calculations. If no entry is required for a transaction/event, select "No journa first account field. Journal entry worksheet 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. 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 joumal entry required" in the first account fleld. Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Noter. Enter debits beforn creoits. 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. Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost of net realizable value (LCNRV) rule is applied to total inventory. Notel Entur delite before rredits