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

Inventory, Quantity Per Unit Cost Designated
by Product Type Market

Tools:
Hammers 100 $5.00 $5.50
Saws 200 10.00 9.00 
Screwdrivers 300 2.00 2.60
Paint Products:
1-gallon cans 500 6.00 5.00
Paint brushes 100 4.00 4.50

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 (c) total inventory.

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