Forest Company has five products in its inventory. Information about ending inventory follows. Cost $ 17 Unit Replacement Product Quantity Unit Cost A 500 $ 15 BCDE B 600 20 16 600 8 7 800 500 22 12 19 9 17 Unit Selling Price $ 21 23 13 11 18 The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 25 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.