Forest Company has five products in its inventory. Information about ending inventory follows. Product A Quantity 1,000 Unit Cost Unit Replacement Cost Unit Selling Price $ 28 $ 30 $.34 900 29 36 C 500 21 20 26 0 600 700 25 32 22 30 24 31 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: 4 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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. 4 Product (units) Inventory RC NRV NRV minus NP Market Cost value A (1,000) 30 $ 34 $ 6 B (900) C (500) D (600) E (700) Total Required 1 S 0 $ 0 $ 0 Required 2 > Saved Required 1 Required 2 Required 3 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. View transaction list Journal entry worksheet < 1 Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forest Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Show less A