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

Inventory,

by Product Category Quantity Per Unit

Cost Market

Furniture:

Chairs $50$ $ $28$ $ $34$

Desks $807661$

Tables $708795$

Accessories:

Rugs $706351$

Lamps $302521$

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 $1.$Home Stop sells two product categories, furniture and accessories. Information pertaining to its $2021$ year$-$end inventory is as follows:

Required:

Complete this question by entering your answers in the tabs below.

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.