Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows Unit Unit Unit Replacement Selling Product Quantity Cost $ 26 31 19 23 30 1,000 500 900 900 800 Cost $28 27 18 20 28 Price $32 34 24 29 The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for each product is 35 percent of the selling price Required 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products 2a. Determine the carrying value of inventory at December 31, 2018, assuming the LCM rule is applied to the entire inventory. 2b. Assuming inventory write-downs are usual business practice for Forester, record any necessary year-end adjusting entry. Req 1 Req 2A Req 2B Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) r to individual products. (Do not round intermediate calculations.) Inventory Value Product RC NRV NRV-NP Market Cost units A (1000) B (500) C (900) D (900) E (800) Total Inventory carrying value Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company. lote: Enter debits before credits. Event General Journal Debit Credit