$2.$ The Strand Company sells four products that can be grouped into two major categories. Information necessary to apply the LCM rule at the end of $2023$ for each of the four products is presented below.The normal profit margin for each of the products is $25\%$ of selling price. The company records any losses from adjusting cost to market as separate income statement items and reduces inventory directly.ProductCostReplacement cost Selling price Disposed costsProducts $101$ and $102$ are in category A and product $201$ and $202$ are in category B$.$Required$1.$ Determine the designated market value for each of the four products according to the LCM rule. $(4$ marks$)2.$ Determine the amount of the loss from write down of inventory that would be required applying theLCM rule to;a$)$ Individual items. $(4$ marks$)$b$)$ Major categories. $(4$ marks$)$c$)$ The entire inventory $(4$ marks$)$