9 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity Unit Cest 23 Unit Replacement Cost S25 24 15 OPE Unit Selling Price $29 31 21 8.33 points y nn solo D 25 26 eBook Print The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the selling price. References Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LC) 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 9 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 8.33 points 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.) e Book Product (units) RC NRV NRV-NP Market Cost Inventory carrying value Print References A (900) B (500) C (700) D (1000) E (700) W Total Required 2 > 9 L. VELEMME ve cairyuy value un Venlony velenel 31, 202i, assumiy un IUWEI UI LOSLUI INI KEL (LLI) TUIE is applieu 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. 8.33 points Complete this question by entering your answers in the tabs below. e Book Print Required 1 Required 2 Required 3 References 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 9 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.) 8.33 points View transaction list eBook Journal entry worksheet Print > References Record any necessary year-end adjusting entry assuming that inventory write-downs are common for Forester Company. Note: Enter debits before credits. Transaction General Journal Debit Credit 1