Forester Company has five products in its inventory. Information about the December 31, 2021, Inventory follows. Unit Cost $ 18 Unit Unit Replacement Selling Cost Price $20 Product Quantity 500 800 700 800 700 rences The cost to sell for each product consists of a 10 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.) Prev 1 of 1 !!! Next > 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.) (units) RC NRV NRV-NP Market Cost Inventory carrying value A (500) B (800) C (700) Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the enth 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry ba 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 a to individual products. (Do not round Intermediate calculations.) Product RC NRV NRV-NP Market Cost Inventory carrying value A (500) B (800) C (700) D (800) E (700) 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 Required 1 Required 3 > View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company, ices Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal ( Required 2
