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Che Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021...

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Accounting

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Che Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-er inventory is as follows: Inventory, by Product Category Furniture: Per Unit Quantity Cost Market Chairs Desks Tables Accessories: $ 45 60 60 50 $39 87 98 72 106 Rugs Lamps 60 20 74 36 62 32 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is a (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 each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 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. Show less A Lower of cost or market y Individual By Product +Products Categories By Total Inventory Product Cost Market Furniture: Chairs Desks Tables 0 Total furniture Accessories: Rugs Lamps Total 0 $ accessories O S 0S Total $

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