Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, Per Unit by Product Category Quantity Cost Market Furniture: Chairs 70 $29 $35 Desks 70 77 62 Tables 20 88 96 Accessories: Rugs 40 64 52 Lamps 40 26 22 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 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 Accessories: Rugs Lamps Total accessories $ 0 $ 0 0 $ $ 0 $ 0 $ Total 0 $ 0 $ 0 Round Required 2 > 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 (6) Product categories (c) Total inventory