Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2013 year-end inventory is as follows:
Inventory,
by Product Type Quantity Per Unit
Cost Designated
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
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