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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:

Inventory, by Product Category	Quantity			Per Unit Cost				Net Realizable Value
Tools:
Hammers	120			$	5.50			$	6.00
Saws	250				10.50				9.50
Screwdrivers	350				2.50				3.10
Paint products:
1-gallon cans	550				6.50				5.50
Paint brushes	120				4.50				5.00

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.

	Lower of cost and NRV Net Realizable Value By Individual Products By Product Categories By Total Inventory Product Cost Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total

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.

	(a) Individual products (b) Product categories (c) Total inventory

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