Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is...

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Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Desks Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 30 $ 30 $ 36 70 78 63 40 89 97 60 65 53 80 27 23 Tables Accessories: Rugs Lamps 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 adjusting entry 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 Cost Lower of cost or market Market By Individual Products By Product Categories By Total Inventory Furniture Chairs Desks Tables Total furniture $ 0 $ 0 Accessories Rugs Lamps Total accessories $ 0 $ 0 Total $ 0 $ 0 $ 0 $ or Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Desks Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 30 $ 30 $ 36 70 78 63 40 89 97 60 65 53 80 27 23 Tables Accessories: Rugs Lamps 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 adjusting entry 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 Cost Lower of cost or market Market By Individual Products By Product Categories By Total Inventory Furniture Chairs Desks Tables Total furniture $ 0 $ 0 Accessories Rugs Lamps Total accessories $ 0 $ 0 Total $ 0 $ 0 $ 0 $ or