Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Per Unit Inventory, by Product Category Quantity Cost Market Furniture: Chairs 70 $ 34 $ 40 Desks 40 82 67 Tables Accessories: Rugs Lamps 60 93 101 30 69 57 50 31 27 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. Answer is not complete. 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 adjusting entry for each of the LCM applications in requirement 1. No 1 Transaction 1 General Journal Cost of goods sold Inventory N 2 2 3 3 Cost of goods sold Inventory Cost of goods sold Inventory Debit Credit 780 x 780 485 x 485 x 466 466 x