Problem 9-4 (Algo) Lower of cost or market; by product, category, and total inventory (LO9-1] 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 Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 50 70 60 $37 85 96 $ 43 70 104 60 30 70 72 34 30 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. 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 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