9-4 (Algo) Lower of cost or market; by product, category, and total Inventory [LO9-1] Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps Per Unit Quantity Cost Market 50 $28 $34 80 76 61 78 87 95 70 63 51 30 25 21 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Product Lower of cost or market Cost Market By Individual Products By Product Categories By Total Inventory Furniture: Chairs Desks Tables Total furniture $ D 5 0 Accessories Rugs Lamps Total accessories $ S Total S 0 $ 0 $ 0 $ D Required 2> Problem 9-4 (Algo) Lower of cost or market; by product, category, and total Inventory [LO9-1] Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps Quantity Per Unit Cost Market. 50 $28 $34 80 76 61 70 87 95 63 51 30 25 21 R RR Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products. (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1. (a) Individual products (b) Product categories (c) Total inventory