Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Replacement Unit Selling Product Quantity Cast Cost Price A 700 $ 21 $23 $27 B 1,000 26 22 29 C 900 14 13 19 D 600 18 15 17 E 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.