Shaklo Company has five products in its inventory. Information about ending inventory follows.

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:

Determine the carrying value of ending inventory, assuming the lower of cost or market $($LCM$)$ rule is applied to individual

products.

Determine the carrying value of inventory, assuming the LCM rule is applied to the entire inventory.

Assuming inventory write$-$downs are common for Forest, record any necessary year$-$end adjusting entry based on the amount

calculated in requirement $2.$

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