31.2021, inventory follows P 9-3 Lower of cost or market; by product and by total inventory LO9-1 Unit Unit Selling Price 12 Forester Company has five products in its inventory. Information about the December 31, 2021. in Unit Replacement Product Quantity Cost Cost 1,000 $10 $12 $16 800 15 11 18 600 8 200 600 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each od uct is 40 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2