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

###### Question:

8 Almaden Hardware Store sells two product categorles, tools and paint products. Information pertaining to its 2021 year-end Inventory is as follows: points Per Unit Cost Net Realizable Value Quantity Skipped Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 1ee 18e 280 $4.80 9.80 1.80$5.30 8.88 2.40 eBook 480 5.80 3.80 4.8e 4.30 1ee 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 categorles, 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. Required 1 Required 2 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 By Net Realizable By Individual Value Products Product Categories By Total Inventory Cost Product Tools: Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total $0$ |  0 0  0 0 $0$ 0 Required Required 2 >
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end Inventory is as follows: Net points Per Unit Cost Realizable Value Quantity Skipped Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 1ee 180 280 $4.89 9.80 1.80$5.30 8.80 2.40 eBook 488 5.80 3.80 4.80 4.30 1ee Print 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. 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. Required 1 Required 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. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record necessary year-end adjustment for individual products. Note: Enter debits before credits. Transaction General Journal Debit Credit explanation
8 Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end Inventory Is as follows: Net points Per Unit Realizable Value Quantity Skipped 100 Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 180 280 $4.89 9.80 1.80$5.30 8.80 2.40 eBook 480 5.80 3.80 4.80 4.30 100 Print 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. 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. Required 1 Required 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. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record necessary year-end adjustment for product categories. Note: Enter debits before credits. Transaction General Journal Debit Credit explanation
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end Inventory is as follows: points Per Unit Cost Net Realizable Value Quantity Skipped 1ee Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 180 288 $4.80 9.80 1.80$5.30 8.88 2.40 eBook 480 100 5.80 3.80 4.80 4.30 Print 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. 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. Required 1 Required 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. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record necessary year-end adjustment for total inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit explanation

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