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Furniture Fancy sells two product categories, furniture and accessories. Information pertaining to 1 its 2021 year-end inventory is as follows: 2 Inventory by Product 3 Category Quantit Per Unit 4 Cost NRV 5 Furniture: 6 Chairs 50 $ 25 $ 31 7 Desks 10 73 58 Tables 20 84 92 9 Accessories: 10 Rugs 40 60 48 11 Lamps 30 22 18 12 1) Determine the carrying value of inventory at year-end assuming the lower of cost or NRV rules 13 is applied to (a) individual products, (b) product categories, and (c) total inventory By By total 14 Product Quantity Cost NRY individual product inventory 15 Furniture: 16 Chairs 17 Desks 18 Tables 19 Total furniture 20 Accessories: 21 Rugs 22 Lamps 23 Total accessories 24 TOTALS 25 26 27 a) Individual products 28 29 b) Product category 30 331 C) Total inventory 32 2) Assuming inventory write-downs are common for Furniture Fancy, record any necessary 33 adjusting entry to write down the inventory assuming the amounts in letter (a) 34 35 36 37 38