https://ezto.mheducation.com/ext/map/index.html?_ Saved Apply: Homework [due day 7] i Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Unit Unit Replacement Selling Product Quantity Cost Cost Price A 900 $ 25 $27 $31 900 30 26 33 506 18 17 23 700 22 19 21 mor 500 29 27 28 The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 35 percent of the selling price. Required: fences 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. Complete this question by entering your answers in the tabs below. 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 Inventory (units) RC NRV NRV-NP Market Cost carrying value A (900) 24,300 $ 25, 110 24,300 $ 22,500 $ 22,500 B (900) 23,400 26,730 23,400 27,000 23,400 c (500) 3,500 10,350 8,500 9,000 8,500 D (700) 13,300 13,230 13,230 5,400 13,230 E (500) 13,500 2,600 12,600 4,500 12,600 Total $ 82,030 $ 88,400 $ 80,230 Required 2