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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 $100$ $ $4\mathrm{.}80$ $ $5\mathrm{.}30$

Saws $1809\mathrm{.}808\mathrm{.}80$

Screwdrivers $2801\mathrm{.}802\mathrm{.}40$

Paint products:

$1-$gallon cans $4805\mathrm{.}804\mathrm{.}80$

Paint brushes $1003\mathrm{.}804\mathrm{.}30$

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 $1.$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.

$\backslash$table$[[$Product$,$Cost,$\backslash$table$[[$Net$],[$Realizable$],[$Value$]],$Lower of cost and NRV$],[\backslash$table$[[$By$],[$Individual$],[$Products$]],\backslash$table$[[$By$],[$Product$],[$Categories$]],\backslash$table$[[$By Total$],[$Inventory$]]],[$Tools:$],[$Hammers$,$$$,480,530,480,,],[$Saws$,,1,764$diamond,$1,584,1,584,,],[$Screwdrivers$,,504,672,504,,],[$Total tools,$$,2,748,2,786,,2,748,],[$Paint products:$],[1-$gallon cans,$$,2,784,2,304,2,304,,],[$Paint brushes,,$380vv,430,380,,],[$Total paint,$$,3,164,2,734,,2,734,],[$Total$,$$$,5,912,5,520,5,252,5,482,5,520$

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