Problem 9-4 Lower of cost or market [LO9-1 Home Stop sells two product categories, furniture and accessorles, Information pertaining to its 2018 year-end inventory is as follows: Unit Purniture: Chairs Desks Tables 80 70 30 89 100 s 47 74 108 ook Accessoriesr Rugn Lamps 90 60 26 38 64 34 int Required: ences 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (o) individual products, (b) product categories, and (c) total inventory 2. Assuming that the company reports an inventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss. 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) dividual products, (b) product categories, and (e) total inventory Lower of cost or market Cost MarketBy Individual Product Chairs K Prev2 of 4 Next > Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) indlividual products, (b) product categories, and (c) total inventory 2. Assuming that the company reports an inventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss. Complete this question by entering your answers in the tabs below. ok 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 nces Product Cost Market Chairs Desks Tables Total furniture Rugs Lamps Total Required 2> Problem 9-4 Lower of cost or market [LO9-1 Home Stop sells two product categories, furniture and accessorles. Information pertaining to its 2018 year-end inventory is as follows: ventory Purniture Chaira Desks Tables 70 30 s 41 89 100 47 74 108 Accessoriest Ruga Lamps 80 60 76 38 64 34 rint 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 that the company reports an inventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss. Complete this question by entering your answers in the tabs below Required 1 Required 2 at the company reports an inventory write-down as a ine item in the income statement, for each of the LCM applications determine the amount of the loss. (a) Individual products (b) Product categorikes (c) Total inventory Required 1