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 SO 20 50 $31 79 90 $37 64 98 20 70 66 28 54 24 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 br 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 Cost Market Product Furniture Chairs Check my work 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 Product Cost Market By Individual By Product By Total Products Categories Inventory Furniture Chairs Desks Tables Total furniture $ Os 0 Accessories: Rugs Lamps Total accessories $ 0 $ 0 Total $ $ 0 $ 0 $ 0 4 0 Red Required 2 > 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 50 20 50 $31 79 90 $37 64 98 20 70 66 28 54 24 es 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 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 Roomid Show