Business, 28.04.2021 19:30 Chuchee4604

Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 80 $ 45 $ 51 Desks 60 93 78 Tables 20 104 112 Accessories: Rugs 30 80 68 Lamps 40 42 38 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.

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Home Stop sells two product categories, furniture and accessories. Information pertaining to its 202...

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