Homework (Ch 9) Saved The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Selling Price Product Coat A $50 B 90 50 50 E 10 ADO $ 70 110 90 80 20 ces Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 10% of cost Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rul to units of ending inventory? Product $ A B Per Unit Cost NRV Inventory Value 50 $ 70 $ 51 90 110 50 D 50 E 10 Help Product 101 102 103 104 Total Coat $158,000 109,000 79,000 49,000 Total Net Realizable Value $119,000 129.000 69,000 69,000 d Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Totum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of Inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 158,000 $ 119,000 102 109,000 129,000 103 79,000 69,000 49,000 69,000 $ 395,000 $ 0 104 Boule Required 2 >