Problem 9-2 (Static) Lower of cost or net realizable value; by product, category, and total inventory [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Quantity Per Unit Cost Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products 1-gallon cans Paint brushes Net Realizable Value $5.50 9.00 2.60 100 200 300 $ 5.00 10.00 2.00 500 100 6.00 4.00 5.00 4.50 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 Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1