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Week 6: Homework Saves 7 Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end Inventory is as follows: Per
Week 6: Homework Saves 7 Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end Inventory is as follows: Per Unit Quantity Cost Market 10 points Inventory by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 50 20 50 $31 79 90 $37 64 98 20 78 66 28 54 24 eBook Ask 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. Print Complete this question by entering your answers in the tabs below. References 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 7 Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end Inventory is as follows: Per Unit Quantity Cost Market 10 points Inventory, by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps 50 20 50 $31 79 90 $37 64 98 20 70 66 28 54 24 eBook Ask 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. Print Complete this question by entering your answers in the tabs below. References 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
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