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 Category Quantity Per Unit Net Realizable Value Cost Tools:Hammers 100 $4.80 $5.30 Saws 180 9.80 8.80 Screwdrivers 280 1.80 2.40 Paint products: 1-gallon cans 480 5.80 4.80 Paint brushes 100 3.80 4.30 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:         $2,568

Total                          $5,252

2) adjustment to tools:

Dr Cost of goods sold 180

    Cr Inventory: tools 180

adjustment to paint products:

Dr Cost of goods sold 480

    Cr Inventory: paint products 480

total adjustment to inventory account:

Dr Cost of goods sold 660

    Cr Inventory 660

support your answer using the data presented. (5 points). 4. based on the information you used to schedule and curve, which product would you recommend the shoe hut focus on, and why? provide details that support your answer. (5 points).

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