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