Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Cost $ 25 Product Quantity 900 900 500 700 500 Unit Unit Replacement Selling Cost Price $27 $31 26 33 17 23 LONCO 19 21 27 28 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: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. (Do not round intermediate calculations.) Product (units) RC NRV NRV-NP Market Cost Inventory carrying value A (900) B (900) C (500) D (700) E (500) Total $ 0 $ 0 $ Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company. Note: Enter debits before credits. Transaction General Journal Debit Credit