Check my work Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: PEL Quantity Per Unit cost Market 0.71 points Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 70 70 $29 77 $35 62 Skipped 20 88 96 64 52 26 22 eBook 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. References Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 0.71 points Required 1 Required 2 Skipped 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. Lower of cost or market By Individual By Product By Total Products Categories Inventory eBook Product Cost Market Furniture: Chairs References Desks Tables $ 0 $ 0 Total furniture Accessories: Rugs Lamps Total accessories $ $ 0$ 0 $ 0 0 Total $ 0 $ 0 Required 1 Required 2 > 0.71 points Skipped 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. eBook Complete this question by entering your answers in the tabs below. References 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