Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product A B D E Quantity 700 1,000 900 600 500 Unit Cost $ 21 26 14 18 25 Unit Replacement Cost $23 22 13 15 23 Unit Selling Price $ 27 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. Answer is complete but not entirely correct. 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 applie to individual products. (Do not round intermediate calculations.) Product (units) RC NRV NRV-NP Market $ 16,100 $ 13,440 X $ 13,440 X $ A (700) B (1000) (900) 22,000 11,700 9,000 11,500 23,200 13,680 8,160 9,600 6,720 X $ 11,600 6,840 4,080 Inventory Cost carrying value 14,700$ 13,440 X 26,000 22,000 12,600 11,700 10,800 8,160 12,500 9,600 76,600 $ 64,900 22,000 11,700 8,160 9,600 64,900 D (600) E (500) 4,800 Total $ $ 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 LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carrying value 68,080