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 15 percent sales commission. The normai 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 wite-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. Determine the carrying value of inventory at December 31,2021 , assuming the lower of cost or matket (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 calculationsi) Assumitig inventory write-downs are common for Forestor, record any necessary yoar-end adjesting entry bysed on tho arnount eatry requirod: In the first-jocount 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