Excel Case #2 Raider Industries must follow the Lower of Cost or Market (LCM) Rule for its inventory. The following information was taken from Raider's inventory records as of December 31, 2021: Selling Replacement Product ID Quantity Cost Price Cost Number on Hand per Unit per Unit per Unit Item #101 7,000 $50.00 $48.00 $47.00 Item #102 8,500 22.00 26.00 27.00 Item #103 3,000 122.00 146.00 108.00 Item #104 1,800 152.00 144.00 120.00 Item #105 3,400 80.00 106.00 82.00 Item #201 5,000 84.00 108.00 80.00 Item #202 2,200 78.00 84.00 75.00 Item #203 1,500 112.00 150.00 110.00 Item #204 6,000 110.00 120.00 121.00 Raider has the following costs to sell associated with all of its products: 1. Sales commission of 5% of the selling price for each product 2. Packaging and delivery costs of 5% of the cost of each product Also, Raider's normal profit margin is 15% of selling price for all of its products. Requirements: Complete each of the following independent requirements: a) Determine the carrying value of inventory at 12/31/21 assuming that Raider applies the LCM Rule to each specific product in its inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2021. b) Determine the carrying value of inventory at 12/31/21 assuming that Raider applies the LCM Rule to its total inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2021