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 . Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Issuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM ipplications in requirement 1 . Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individuat products. Assuming inventory write-downs are common for Home Stop, record any necessary vear-end adjusting entry for each of the LCM. applications in requirement 1 . Journal entry worksheet Record the year-end adjustment for inventory assuming the fower of cost of net realizable value (LCNRV) rule is applied to total inventory. Noten: finter debits before credits. Home Stop sells two product categories, furniture and accessories, Information pertaining to its year-end inventory is as follows. Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (o) individual products, (b) product categories, and (c) totat 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. Assuming inventory write- downs are common for Horne Stop, recard any necessary vear-end adjusting entry for each of the LCM applications in requirement 1 . Journal entry worksheet