Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Unit Replacement Unit Selling Product Quantity Cost Cost Price 900 $29 $31 $35 B 900 34 30 37 C 900 22 21 27 900 26 23 25 1,000 33 31 32 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 Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rm to individual products. (Do not round intermediate calculations.) Product (units) RC NRV NRV-NP Inventory Market Cost carrying value A (900) B (900) C (900) D (900) E (1000) Total Required 2 > Required 1 Required 2 Required 3 Determine the carrying value of inventory at (Do not round intermediate calculations.) Inventory carrying value noyuncu neyuncu 4 Koyuncu J Saved Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry be calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction entry required" in the first account field.) View transaction list Journal entry worksheet