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excel homework answer both parts required 1 and 2

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 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 the LCNRV applications in requirement 1. 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 applied to (a) individual products, (b) product categories, and (c) total inventory. \begin{tabular}{|c|c|c|c|c|c|} \hline Product & Cost & \begin{tabular}{l} Net Realizable \\ Value \end{tabular} & \begin{tabular}{l} By Individual \\ Products \end{tabular} & \begin{tabular}{c} By \\ Product \\ Categories \end{tabular} & \begin{tabular}{l} By Total \\ Inventory \end{tabular} \\ \hline \multicolumn{6}{|l|}{ Tools: } \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{l} Hammers \\ Saws \end{tabular}} \\ \hline \multicolumn{6}{|l|}{ Saws } \\ \hline \multicolumn{6}{|l|}{ Screwdrivers } \\ \hline \multicolumn{6}{|l|}{ Total tools } \\ \hline \multicolumn{6}{|l|}{ Paint products: } \\ \hline \multicolumn{6}{|l|}{ 1-gallon cans } \\ \hline \multicolumn{6}{|l|}{ Paint brushes } \\ \hline \multicolumn{6}{|l|}{ Total paint } \\ \hline Total & & & & & \\ \hline \end{tabular} Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits. Journal entry worksheet Record necessary year-end adjustment for total inventory. Note: Enter debits before credits

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