Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Quantity Per Unit Cost Market Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 49 70 80 $ 44 92 103 $ 50 77 111 49 20 79 41 67 37 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. Lower of cost or market By Individual By Product By Total Products Categories Inventory Product Cost Market Furniture: Chairs Desks Tables Total furniture Accessories Rugs Lamps Total accessories Total Required 1 Required 2 Assuming inventory write-downs are com the LCM applications in requirement 1. (a) Individual products 6) Product categories (c) Total inventory