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 Unit Replacement Selling Unit Cost s 18 23 Product Quantity Price 500 800 700 800 700 Cost S20 19 10 12 20 $24 26 16 14 21 15 The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for ech 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. 2b. Assuming inventory write-downs are usual business practice for Forester, record any necessary year-end adjusting entry