Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-e

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Almaden Hardware Store Sells Two Product Categories Tools And Paint Products Information Pertaining To Its 2021 Year E 1 (117.12 KiB) Viewed 40 times

Almaden Hardware Store Sells Two Product Categories Tools And Paint Products Information Pertaining To Its 2021 Year E 2 (96.47 KiB) Viewed 40 times

Almaden Hardware Store Sells Two Product Categories Tools And Paint Products Information Pertaining To Its 2021 Year E 3 (46.7 KiB) Viewed 40 times

Almaden Hardware Store Sells Two Product Categories Tools And Paint Products Information Pertaining To Its 2021 Year E 4 (48.75 KiB) Viewed 40 times

Almaden Hardware Store Sells Two Product Categories Tools And Paint Products Information Pertaining To Its 2021 Year E 5 (48.48 KiB) Viewed 40 times

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 Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes Quantity 100 180 280 480 100 Per Unit Cost $4.80 9.80 1.80 5.80 3.80 Net Realizable Value $5.30 8.80 2.40 4.80 4.30 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.

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. Tools: Product Hammers Saws Screwdrivers Total tools Paint products: 1-gallon cans Paint brushes Total paint Total Cost Lower of cost and NRV By Product Categories Net Realizable By Individual Value Products Required 1 Required 2 By Total Inventory >

Journal entry worksheet 1 2 Record necessary year-end adjustment for individual products. Transaction 1 3 Note: Enter debits before credits. explanation General Journal Debit Credit >

Journal entry worksheet 1 2 Record necessary year-end adjustment for product categories. Transaction 2 3 Note: Enter debits before credits. explanation General Journal Debit Credit

Journal entry worksheet < 1 2 Record necessary year-end adjustment for total inventory. Transaction 3 3 Note: Enter debits before credits. explanation General Journal Debit Credit