Show me the steps to solve Home Stop sells two product categories, furniture and accessories. Information pertaining to its year$-$end inventory is as follows: Home Stop sells two product categorles, furniture and accessorles. Informatlon pertalning to Its year$-$end Inventory is as follows:

Required:

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 categorles, and $($c$)$ total Inventory.

Assuming Inventory write$-$downs are common for Home Stop, record any necessary year$-$end adjusting entry for each of the LCM

applications in requirement $1.$

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

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. Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Assuming inventory write$-$downs are common for Home Stop, record any necessary year$-$end adjusting entry for each of the LCM applications in requirement $1.$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Allowance for uncollectible accounts,x$,980,],[,$Inventory,$\backslash$theta $,,980],[2,2,$Allowance for uncollectible accounts,x$,680,],[,$Inventory,V$,,680],[3,3,$Allowance for uncollectible accounts,x$,240,],[,$Inventory,V$,,240]]$ Record the year$-$end adjustment for inventory assuming the lower of cost or

net realizable value $($LCNRV$)$ rule is applied to individual products.

Note: Enter debits before credits. Journal entry worksheet

$1$

$2$

$3$

Record the year$-$end adjustment for inventory assuming the lower of cost or

net realizable value $($LCNRV$)$ rule is applied to product categories.

Note: Enter debits before credits.Journal entry worksheet

$1$

$2$

$3$

Record the year$-$end adjustment for inventory assuming the lower of cost or net realizable value $($LCNRV$)$ rule is applied to total inventory.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[3,,,],[,,,],[,,,],[,,,]]$

Required:

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.

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.

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.