Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Selling Price Product B D E $27 Quantity 700 1,000 900 600 500 Unit Replacement Cost $23 22 13 15 23 Unit Cost $ 21 26 14 18 25 29 19 17 24 The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 40 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 (700) B (1000) C (900) D (600) E (500) Total Required 1 Required 2 Required 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Pray 6 of 7 Neyt