Home Stop sells two product categories, furniture and accessories Information pertaining to its year-end inventory is as follows Per Unit Cost Desks Inventory, by Product Category Quantity Market Furniture: Chairs 40 $ 44 $50 70 23 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 Market, Lower of cost or market By Individual By Product Products Categories By Total Inventory Furniture Chairs Desks Tables Total furniture S 0 $ 0 Accessories Rugs Lamps Total accessories S 05 0 Total S 05 05 0 $ Journal entry worksheet < 1 2 3 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 Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to total inventory. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit