Forest Company has five products in its inventory. Information about ending inventory follows. Unit Replacement Product Quantity Unit Cost A 500 $ 18 Cost $ 20 Unit Selling Price $ 24 B 800 23 19 26 700 11 10 16 D 800 15 12 14 E 700 22 20 21 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. 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. NRV NRV minus NP Market Cost Inventory value Product RC (units) A (500) B (800) C (700) D (800) E (700) Total 0 $ 0