(Answered) Almaden hardware store sells two distinct types of products

Accounting

Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2011 year-end inventory is as follows:

Required:

1. Determine the balance sheet inventory carrying value at year-end, assuming the LCM rule is applied to

(a) Individual products,

(b) Product type, and

2. Assuming that the company recognizes an inventory write-down as a separate income statement item, for each of the LCM applications determine the amount of the loss.

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