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 50 $ 38 $ 44 Desks 70 86 71 Tables Accessories: Rugs Lamps 30- 97 105 60 73 61 50 35 31 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 appl Individual products, (b) product categories, and (c) total inventory. Furniture: Chairs Desks Product Cost Market Lower of cost or market By Individual By Product Products Categories By Total Inventory Journal entry worksheet 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 >