Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product A Quantity 900 500 600 1,000 900 Unit Replacement Cost $26 25 16 18 26 Unit Cost $ 24 29 17 21 28 B Unit Selling Price $30 32 22 20 27 C D E The cost to sell for each product consists of a 15 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. 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 NRV NRV-NP Market Cost Inventory carrying value A (900) B (500) C (600) D (1000) E (900) Total $ 0 $ 0 $ 0 Inventory carrying value Journal entry worksheet