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Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2018 year-end...

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Accounting

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Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2018 year-end inventory is as follows Inventory, Per Unit by Product Category Quantity Cost Market Furniture: Chairs Desks Tables 20 30 50 $33 81 92 $ 39 100 56 Accessories: 70 80 Rugs 68 30 Lamps 26 Requirec 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 that the company reports an inventory write-down as a line item in the income statement, for each of the LCM applications determine the amount of the loss

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