Problem 9-3 Lower of cost or market [LO9-1] Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Replacem Unit Unit ent Selling Product Quantity Cost Cost Price 1 A 1,000 $ 10 2 6 1 1 BCDE 800 600 200 600 14 537 4 1 8 2 8 4 6 1 2 3 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or market (LCM) rule is applied to individual products. 2a. Determine the carrying value of inventory at December 31, 2018, assuming the LCM rule is applied to the entire inventory. Submit your answer in the assignment section by 11:59 p.m. Sunday, Week 3. 20 points