Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory [LO9-1] Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity Unit Cost Unit Replacement Cost Unit Selling Price A 900 $ 23 $ 25 $ 29 B 500 28 24 31 C 700 16 15 21 D 1,000 20 17 19 E 700 27 25 26 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 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.