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Business, 01.05.2021 01:00 rudolph34

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 $ 43 $ 49 Desks 40 91 76 Tables 70 102 110 Accessories: Rugs 30 78 66 Lamps 50 40 36 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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