Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows.

Product		Quantity		Unit Cost				Unit Replacement Cost				Unit Selling Price
A		500		$	20			$	22			$	26
B		1,000			25				21				28
C		600			13				12				18
D		1,000			17				14				16
E		500			24				22				23

The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 25 percent of the selling price.

Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity 500 B 1,000 C. 600 D 1,000 E 500 Unit Cost $ 20 25 13 17 24 Unit Replacement Cost $22 21 12 14 22 Unit Selling Price $26 28 18 16 23 The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 25 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.) RC NRV NRV-NP Market Cost Inventory carrying value Product (units) A (500) B (1000) C (600) D (1000) E (500) 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 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet