Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory [LO9-1] Forest Company has five products in its inventory. Informatlon about ending inventory follows. The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 40 percent of the selling price. Required: 1. Determine the carrying value of ending inventory, assuming the lower-of cost or market (LCM) rule Is applied to individual products. 2. Determine the carrying value:of-Inventory, assuming the-LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forest, 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 ending inventory, assuming the lower-of cost or market (LCM) rule is applied to individual products. Note: Do not round intermediate calculations, 1. Determine the carrying value of ending Inventory, assuming the lower of cost or market (LCM) rule Is applled to Individual products. 2. Determine the carrying value of Inventory, assuming the LCM rule is applied to the entire Inventory. 3. Assuming Inventory write-downs are common for Forest, record any necessary year-end adjusting entry based on the amoun calculated in requlrement 2 Complete this question by entering your answers in the tabs below. Determine the carrying value of inventory, assuming the LCM rule is applied to the entire inventory. Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Assuming inventory write-downs are common for Forest, record any necessary year-end adjusting entry based on the amount caloulated in requirement 2. Note: Do not round intermediate calculations. If no entry is required for a trarsaction/event, select "No journal entry requ red" in the first account field. Show lessi Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory writedowns are common for Forest Company. Note: Enter debits before credits