Per Unit Net Realizable Inventory, by Product Category Quantity Cost Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans 110 $ 5.40 $ 5.90 240 10.40 9.40 340 2.40 3.00 540 6.40 5.40 110 4.40 4.90 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. Paint brushes Required: Answer is complete but not entirely correct. 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. No 1 Transaction 1 General Journal Cost of goods sold Inventory 2 2 Cost of goods sold Inventory 3 3 Cost of goods sold Inventory >> Show less Debit Credit 1,160 1,160 x 560 560 x 260 x 260