Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Selling Unit Replacement Quantity Cost Price Product Cost $ 21 $23 $27 A 700 1,000 26 22 29 C 900 14 13 19 D 600 18 15 17 500 25 23 24 The cost to sell for each product consists of a 20 percent sales commission. The normal profit percentage for each product is 40 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. Complete this question by entering your answers in the tabs below. Req 2B Req 1 Req 2A Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products. (Do not round intermediate calculations.) Inventory Value Product RC NRV NRV-NP Market Cost (units) 16,100 $ A (700) $ $ 15,120 14,700 16,100 B (1000) 23,200 22,000 22,000 26,000 C (900) 11,700 13,680 11,700 12,600 X D (600) 9,000 9,000 10,800 8,160 X E (500) 11,500 9,600 11,500 12,500 70,300 $ 76,600 0 Total Req 1 Req 2A Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Assuming the inventory write-downs are usual business practice for Forester, record any necessary year-end adjusting entry. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cost of goods sold 6,300 6,300 Inventory Req 2B Req 2A