Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2018 year-end inventory is as follows:

Inventory, by Product Category	Quantity			Per Unit Cost				Market
Furniture:
Chairs	50			$	26			$	32
Desks	20				74				59
Tables	70				85				93
Accessories:
Rugs	50				61				49
Lamps	30				23				19

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 that the company reports an inventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss.