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Forester Company has five products in its inventory. Information about the December 31, 2021, Inventory follows. Unit Unit Unit Replacement Selling Product Quantity Cost Coat

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Forester Company has five products in its inventory. Information about the December 31, 2021, Inventory follows. Unit Unit Unit Replacement Selling Product Quantity Cost Coat Price $ 30 $36 1,000 35 31 38 22 28 800 27 26 34 32 600 $32 B D 900 23 24 700 cs The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 25 percent of the selling price. Required: 1. Deterdnine 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.) Product (units) RC Inventory carrying NRV NRV.NP Cost Market ce 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. Requindi Required 2 Required Required Deterrenover drying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) re is applied to individual products. (Do not round Intermediate calculations.) Product Inventory RC NAV NRV.NP Market Cost (unita carrying value A (600) B (1000) C (900) D (800) E (700) Total $ $ OS Pou? ances 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 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.) View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company. Note: Enter debits before credits Transaction General Journal Debit Credit 1

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