Home Stop sells two product categories, furniture and accessories: Information pertaining to its year-end inventory is as follows: 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 acjusting entry for each of the LCM applications in requirement 1 . Complete this question by entering your answers in the tabs below. Determine the carrying value of inventory at vear-end, assuming the lower of cost or market (LCM) rule is applied to (o) individual products, (b) product categories, and (c) total inventory. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1 . Journal entry worksheet Record the year-end adjustment for inventory assuming the lower of cost ar net realizable value (LCNRV) rule is applied to individual products. Pote: Enter debits before credits. Determine the carrying value of inventory at year-end, assuming the iower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory