Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Per Unit Quantity Market Cost Furniture chairs $26 $32 50 Desks 20 74 59 Tables 70 85 93 Accessories: Rugs Lamps 50 61 49 30 23 19 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 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. Lower of cost or market By Total Inventory By Individual Products By Product Categories Product Cost Market Furniture: Chairs Desks Tables Total furniture Accessories: Rugs Lamps Total accessories Total 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