Help S Wk 2 - Apply: Summative Assessment [due Day 7] 9 Saved Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Furniture: 11.11 points Chairs Desks Tables Accessories: Rugs Lamps Quantity Per Unit Cost Market 80 $ 43 $ 49 40 91 76 70 102 110 30 78 66 50 40 36 eBook References 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. 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. Product Furniture: Chairs Desks Tables Total furniture Cost Market By Individual Products Lower of cost or market By Product Categories By Total Inventory