Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. 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. 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.) 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.) 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.) Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Forester Company. Note: Enter debits before credits