Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Unit Selling Product Quantity Cost Price 1,200 $ 14 $20 1,000 19 800 400 see 22 17 The cost to sell for each product consists of a 10 percent sales commission Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the rule is applied to individual products. (Do not round intermediate calculations.) Product Units Cost NRV Inventory Value B 14 19 5 1,200 $ 1,000 800 4009 800 $ D 18 65 Recured Required 2 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 LCNRV rule is applied to the entire in (Do not round intermediate calculations.) Inventory carrying value Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Decker Company. Note: Enter debits before credits. Transaction General Journal Debit Credit