Bewed Chapter 9 - Homework 2 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows 125 points Product Quantity 1,000 500 900 900 E Unit Cost 5 26 31 19 23 30 Unit Replacement Cost 528 27 18 20 28 Unit Selling Price 532 34 24 22 29 The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 35 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 rale 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 2 inamique 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 2 125 points Complete this question by entering your answers in the tabs below. BOOK Print Required 1 Required 2 Required) 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 RC NRV NRV.NP Market Cost Inventory carrying value A(1000) B (500) C 1900) D 1900 E (800 Total Required 2 > 2 REYMRU. 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 amou calculated in requirement 2 125 points eBook Complete this question by entering your answers in the tabs below. Per Required Required 2 Required Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to th] entire inventory. (Do not round intermediate calculations. Inventory carrying value View transaction list Journal entry worksheet 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 Record entry Clear entry View general journal Prev Next