Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Per Unit Cost Quantity Market 30 Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 70 $30 78 89 $36 63 40 65 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 individual products, (b) product categories, and (c) total inventory. Product Lower of cost or market By Individual By Product By Total Products Categories Inventory Cost Market $ 0 $ 0 Furniture: Chairs Desks Tables Total furniture Accessories: Rugs Lamps Total accessories Total $ $ 0 $ 0 $ 0 0 $ 0$ 0 Required 2 Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment a the LCM applications in requirement 1. (a) Individual products (b) Product categories (c) Total inventory