Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows.

Product		Quantity		Unit Cost				Unit Replacement Cost				Unit Selling Price
A		1,000		$	14			$	16			$	20
B		800			19				15				22
C		700			7				6				12
D		600			11				8				10
E		800			18				16				17

The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 35 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products. 2a. Determine the carrying value of inventory at December 31, 2018, assuming the LCM rule is applied to the entire inventory. 2b. Assuming inventory write-downs are usual business practice for Forester, record any necessary year-end adjusting entry.