Question: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 110 $ 5.40

Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools:

Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 110 $ 5.40 $5.90 240 10.40 9.40 340 2.40 3.00 540 110 6.40 5.40 4.40 4.90 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. Tools: Product Lower of cost and NRV Cost Net Realizable Value By Individual Products By Product Categories By Total Inventory Hammers Saws Screwdrivers Total tools $ 0 $ 0 Paint products: 1-gallon cans Paint brushes Total paint $ 0 $ 0 Total $ 0 $ 0 $ 0 $ 0

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