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Forester Company has five products in its inventory Information about the December 2013 Unit Cost 5 16 21 Replacement Cost $18 17 Unit Selling Price 522 Product Quantity 900 1,000 900 1,000 900 20 The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for product is 40 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market de 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 yem-end adjusting entry Complete this question by entering your answers in the tabs below. Nort2 2b. Assuming inventory write-downs are usual business practice for Free adjusting entry. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market to individual products. (Do not round intermediate calculations.) rwentory Market Cost RC NRV NRV-NP Product (units) A (900) B (1000) C (900) D (1000) E (900) S Total 1 of 3 !! Next > Journal entry worksheet eBook Print ferences Record any necessary year-end adjusting entry assuming that inventory write downs are common for Forester Company. Note: Enter debits before credits. . Event General Journal Debit Credit Prev 1 of 3 Next >