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 qt 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 adjusting entry for each of the LCM applications in requirement 1. 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 adjusting entry for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Assuming lnventory write-downs are common for Home Stop, record any necessary year end adjusting entry for each of the LCM applications in requirement 1. 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 qt 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 adjusting entry for each of the LCM applications in requirement 1. 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 adjusting entry for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Assuming lnventory write-downs are common for Home Stop, record any necessary year end adjusting entry for each of the LCM applications in requirement 1