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	70	$ 34	$ 40
Desks	40	82	67
Tables	60	93	101
Accessories:
Rugs	30	69	57
Lamps	50	31	27

Required:

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.

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.