Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Quantity 1,000 Product A B Unit Replacement Cost $12 11 2 4 12 Unit Cost $ 10 15 3 7 14 Unit Selling Price $16 18 8 6 13 800 D E 600 200 600 The cost to sell for each product consists of a 15 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. Answer is complete but not entirely correct. 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.) Product RC NRV NRV-NP (units) Market Cost Inventory Value A(1,000) $ 16,000 $ 17,000 $ 10,000 $ 16,000 $ 14,000 $ 14,000 B (800) 12,000 14,960 8,800 12,000 15,200 X 12,000 C (600) 4,200 7,140 4,200 4,200 4,900 X 4,200 D (200) 4,800 5,100 X 3,000 X 4,800 X 6,600 X 4,800 X E (600) 12,800 11,560 6,800 11,560 14,400 11,560 Total 48 560 55 100 46 560 Answer is complete but not entirely correct. 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 31,900 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.) Transaction General Journal Debit Credit Cost of goods sold 6,540 Inventory 6,540 No