Determine the carrying value of inventory, assuming the LCM rule is applied to the entire inventory. Note: Do not round intermediate calculations. Assuming inventory write-downs are common for Forest, record any necessary year-end adjusting entry based on the amount calculated in requirement 2 . Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show less Forest Company has five products in its inventory. Information about ending inventory follows. 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 ending inventory, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Determine the carrying value of inventory, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forest, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. \begin{tabular}{|l||r|} \hline Required 1 & Required 2 \\ \hline \end{tabular} Determine the carrying value of ending inventory, assuming the lower of cost or market (LCM) rule is applied to individual products. Note: Do not round intermediate calculations