Issuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated n requirement 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Decker Company. Note: Enter debits before credits. Required: 1. Determine the carrying value of inventory at December 31,2021 , assuming the lower of cost or net realizable value (LCNRV) rule applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, 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 LCNRV rule is applied to the entire inventory. (Do not round intermediate calculations.) 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. Determine the carrying value of inventory at December 31,2021 , assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, 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 net realizable value (LCNRV) rule is applied to individual products. (Do not round intermediate calculations.) Decker 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 10 percent sales commission. 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. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, 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