Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows:Inventory, by Product Quantity Per Unit Net Realizable ValueCategory Cost Tools: Hammers 110 $ 4.10 $4.60 Saws 110 9.10 8.10 Screwdrivers 210 1.10 1.70 Paint products: 1-gallon cans 410 5.10 4.10 Paint brushes 110 3.10 3.60 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.

Product category        units           cost          NRV   year-end inventory

Tools:

Paint products:

1) carrying value of year-end inventory:

Tools:                        

Paint products:         $2,022

Total                          $3,595

2) adjustment to tools:

Dr Cost of goods sold 110

    Cr Inventory: tools 110

adjustment to paint products:

Dr Cost of goods sold 410

    Cr Inventory: paint products 410

or total adjustment to inventory account:

Dr Cost of goods sold 520

    Cr Inventory 520

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; /// that is so (false);