Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity 900 500 600 D 1,000 E 900 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 LCM rule is applied to the entire inventory. (Do not round intermediate calculations) Inventory carrying value heducation.com/ext/map/index.html?_con=con&external_browser=0&launchurl=https%253A%252F%252Futsa.blackboard.com Homework Saved Help Save Required 1 Required 2 Required 3 Assuming Inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the an calculated in requirement 2. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select entry required in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary year-end adjusting entry assuming that inventory write downs are common for Forester Company Enter debts before credit Transaction General Journal Debit Credit 1 Prev 1 of 12 il Next > 2 MacBook Air 80 TS # 3 2 $ 4 * % 5 & 7 6 8 ON 9 0 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity 900 500 600 D 1,000 E 900 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 LCM rule is applied to the entire inventory. (Do not round intermediate calculations) Inventory carrying value heducation.com/ext/map/index.html?_con=con&external_browser=0&launchurl=https%253A%252F%252Futsa.blackboard.com Homework Saved Help Save Required 1 Required 2 Required 3 Assuming Inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the an calculated in requirement 2. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select entry required in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary year-end adjusting entry assuming that inventory write downs are common for Forester Company Enter debts before credit Transaction General Journal Debit Credit 1 Prev 1 of 12 il Next > 2 MacBook Air 80 TS # 3 2 $ 4 * % 5 & 7 6 8 ON 9 0