Problem 9-4 Lower of cost or market [LO9-1 Home Stop sells two product categories, furniture and accessories, Information pertaining to its 2018 year-end inventory ls as follows Inventory, Product Category Furniture: Chairs Desks Per Unit Quantity Cost Market 50 $37 43 70 85 70 Tables Accessories: 60 96 184 Rugs Lamps 3b 72 70 34 30 Required 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (1CM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory 2. Assuming that the company reports an inventory wite 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 1Required Determine the carrying value of inventory at individual products, (b) product categories, and (c) total inventory Lower of cost or market 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 eBook Lower of cost or market Print By Product By Total Cost Market By Individual Product Furniture Chairs Desks Tables Total furniture Rugs Total accessories S Total Required 2> Required: 1. Detemine the caiying value of inventory at yearend, assuming the lower of cost or market (.CM) rule is applied to lel products, (b) product categories, and (c) total inventory 2. Assuming that the company reports an inventory write-do applications determine the amount of the loss. wn as a line item in the income statement, for each of the LCM omplete this question by entering your answers in the tabs below. ok nt Required 1 Required 2 ences Assuming that the company reports an laventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss. (a) Individual products (b) Product categories (c) Total inventory K Required 1