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1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) nule is appli to (a) individual products, (b) product categones, and (c) total inventory. 2. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1 . (3) Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNFV applications in requirement 1 . Note: Do not round intermediate calculations, If no entry is required for a transaction/event, select "No journal entry required in the first account field. 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 Ace, record any necessary yeatend adjusting entry for each of the LCNRV applications in requirement 1 . Answer is not complete. Complete this question by entering your answers in the tabs below. 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 inveatory

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