Check my work 11 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product 10 points Quantity 1,000 600 200 600 Unit Cost $ 10 15 3 7 14 Unit Replacement Cost $ $12 11 2 4 12 Unit Selling Price $16 18 B 6 13 D E eBook The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 40 percent of the selling price. Print 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 References Complete this question by entering your answers in the tabs below. Required 1 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.) RC NRV NRV-NP Market $ 12,000 $ $ 0 $ $ 0 Product (units) A(1,000) A B (800) C (600) D (200) E (600) 8,800 1,200 800 8,100 $ $ 6,840 2,610 510 Inventory Cost Value 10,000 12.000 1.800 1.400 8,400 33,600 $ 0 0 0 0 7,200 3,420 Total $ 0 $ 0 Required 1 Required 2 >