(Please state all the calculations and explanations.)

Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Product Quantity Cost 800 $ 13 B 600 18 C 500 6 D 10 E 600 17 Unit Unit Replacement Selling Cost Price $15 $19 14 21 5 11 7 9 15 16 900 The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 30 percent of the selling price. Required: 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. 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.) Inventory Product RC NRV NRV-NP Market Cost carrying (units) value A (800) B (600) C (500) D (900) E (600) Total $ 0 $ 0 $ 0 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 LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carrying value Required 1 Required 2 Required 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write-downs are common for Forester Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Product Quantity Cost 800 $ 13 B 600 18 C 500 6 D 10 E 600 17 Unit Unit Replacement Selling Cost Price $15 $19 14 21 5 11 7 9 15 16 900 The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 30 percent of the selling price. Required: 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. 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.) Inventory Product RC NRV NRV-NP Market Cost carrying (units) value A (800) B (600) C (500) D (900) E (600) Total $ 0 $ 0 $ 0 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 LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carrying value Required 1 Required 2 Required 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write-downs are common for Forester Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal