Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: nces Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 50 $ 31 $ 37 20 79 50 90 20 66 5383 64 98 54 70 28 24 Desks 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. Required 1 eBook Required 2 References 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 Furniture: Chairs Desks Tables Total furniture Accessories: Rugs Lamps Total accessories Total Lower of cost or market Cost Market By Individual Products By Product Categories By Total Inventory Required 2 > ook D ences Required 1 Required 2 Assuming Inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the ECM applications in requirement 1 t1. View transaction list 1 Record the year-end adjustment for Inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to product categories. 3 Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to total inventory. -journal entry has been entered Note: Record entry cost or Credit Clear entry View general journal