P 9-1 Lower of cost or net realizable value; by product and by total inventory L09-1 Decker Company has five products in its inventory Information about the December 31, 2021. inventory follows Product Quantity Unit Cost Unit Selling Price 1.000 S 10 $ 16 B 800 15 18 600 3 8 D 200 7 6 E 600 14 13 The cost to sell for each product consists of a 15 percent sales commission, Pret 500 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost of net tealizable 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 cominion for Decker, record any necessary year end adjusting entry based on the amount calculated in Tequirement 2