Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Product A B D E Quantity 900 500 700 1,000 700 Unit Cost $ 23 28 16 20 27 Replacement Cost $ 25 24 15 17 25 Unit Selling Price $29 31 21 19 26 11 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 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