Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows:

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.

Per Unit Per Unit cost Market Quantity Market Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 80 60 $ 45 93 104 $ 51 78 112 30 80 68 38 40 42 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 Lower of cost or market By Individual By Product By Total Products Categories Inventory Market Furniture: Chairs Desks Tables Total furniture Total furniture Accessories: Rugs Lamps Total accessories Total Complete this question by entering your answers in the tabs below. 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