6 Forester Company has five products in its inventory. Information about the December 31, 2021, Inventory follows. 10 points Product A B C D E Quantity 500 800 700 900 700 Unit Cost $ 18 23 11 15 22 Unit Replacement Cost $20 19 10 12 20 Unit Selling Price $24 26 14 21 The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. (Do not round intermediate calculations.) Inventory NRV NRV-NP Cost Product units RC Market carrying Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. (Do not round intermediate calculations.) Product (units) RC NRV NRV-NP Market Cost Inventory carrying value IS A (500) B (800) C (700) D (800) E (700) 10,800 $ 18.720 10.080 10,080 13.230 13 $ 11,232 6,048 6,048 7.938 Total $ 10,000 15,200 7,000 9,600 13,230 55,030 $ 0 S 0 Required 1 Required 2 > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carrying value S 55,800 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No General Journal Credit Transaction 1 Debit 6.700 X 1 Cost of goods sold Inventory ol 6.700 X