Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Quantity Per Unit Cost Market Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 40 20 $40 88 99 $ 46 73 107 60 30 60 75 37 63 33 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. Product Cost Market Lower of cost or market By Individual By Product By Total Products Categories Inventory Furniture: Chairs Desks Tables 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