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

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Accounting

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Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: 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) totol 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 i. Complete this question by entering vour answers in the tabs below. Determine the carrving value of inventory at year-end, assuming the lower of cost or net realizable value (ICNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory

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