Hi Please help with questions attached, thanks so much. Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventoryis as follows:Inventory,by Product CategoryTools:HammersSawsScrewdriversPaint products:1-gallon cansPaint brushesRequired 1Tools:ProductHammersSawsQuantity110300400ScrewdriversTotal toolsPaint products:600110Required: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 theLCNRV applications in requirement 1.1-gallon cansPaint brushesTotal paintTotalPer UnitCostComplete this question by entering your answers in the tabs below.Cost$ 6.0011.003.00Required 2Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule isapplied to (a) individual products, (b) product categories, and (c) total inventory.7.005.08NetRealizableValue$ 6.5010.003.606.005.50< Required 1Lower of cost and NRVByProductCategoriesNet Realizable By IndividualValueProductsBy TotalInventoryRequired 2 > Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventoryis as follows:Inventory,by Product CategoryTools:HammersSawsScrewdriversPaint products:1-gallon cansPaint brushesView transaction list1 2 3Quantity110300400Journal entry worksheet<680110Note: Enter debits before credits.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 theLCNRV applications in requirement 1.Transaction1Per UnitCostComplete this question by entering your answers in the tabs below.explanation$6.0011.003.00Required 1 Required 2Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRVapplications in requirement 1. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journalentry required" in the first account field.)Record entry7.005.08NetRealizableValueRecord necessary year-end adjustment for individual products.$ 6.5010.003.606.005.50General JournalClear entryDebitCreditView general journal

Name: Hi Please help with questions attached, thanks so much. Almaden Hardwa
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Hi Please help with questions attached, thanks so much. Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventoryis as follows:Inventory,by Product CategoryTools:HammersSawsSc