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Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its...

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Question

Accounting

Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as
follows:
Requlred:
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.
Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV
applications in requirement 1.
Complete this question by entering your answers in the tabs below.
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.
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