Problem $9-2($Algo$)$ Lower of cost or net realizable value; by product, category, and total inventory $[$LO$9-1]$

Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year$-$end inventory is as follows:

Inventory, by Product CategoryQuantityPer Unit CostNet Realizable ValueTools:$$Hammers$110$$ $4\mathrm{.}10$$ $4\mathrm{.}60$Saws$1109\mathrm{.}108\mathrm{.}10$Screwdrivers$2101\mathrm{.}101\mathrm{.}70$Paint products:$1-$gallon cans$4105\mathrm{.}104\mathrm{.}10$Paint brushes$1103\mathrm{.}103\mathrm{.}60$

Required:

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.

Assuming inventory write$-$downs are common for Ace, record any necessary year$-$end adjusting entry for each of the LCNRV applications in requirement $1.$