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 $ 37 $ 43 Desks 70 85 70 Tables 60 96 104 Accessories: Rugs 30 72 60 Lamps 70 34 30 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.

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. Cost Lower of cost or market By Individual By Product By Total Products Categories Inventory Market Product Furniture: Chairs Desks Tables Total furniture $ 0 $ 0 Accessories: Rugs Lamps Total accessories Total 0 0 $ 0 $ $ 0 $ 0 $ 0 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 adjustment amount for each of the LCM applications in requirement 1. (a) Individual products (b) Product categories (c) Total inventory