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 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 40 $ 44 $ 50 Desks 70 92 77 80 103 111 40 79 67 20 41 37 Tables Accessories: Rugs Lamps 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 adjusting entry for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 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 Cost Lower of cost or market Market By Individual Products By Product Categories By Total Inventory Furniture: Chairs Desks Tables Total furniture $ 0 $ 0 Accessories: Rugs Lamps Total accessories $ 0 $ 0 Total $ 0 $ 0 $ 0 $ 0 < Required 1 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 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs Desks 40 $ 44 $ 50 70 92 77 80 103 111 40 79 67 20 41 37 Tables Accessories: Rugs Lamps 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 adjusting entry 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 adjusting entry for each of the LCM applications in requirement 1. View transaction list Journal entry worksheet < 1 23 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >