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Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product B C D Quantity 800 800 600 800 500 Unit Cost $ 27 32 20 24 31 Unit Replacement cost $29 28 19 21 29 Unit Selling Price $33 35 25 23 BO E 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. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) ru to individual products. (Do not round intermediate calculations.) Product (units) RC NRV NRV-NP Market Cost Inventory carrying value A (800) B (800) C (600) D (800) E (500) Total $ 0 $ 0 $ 0 Complete this question by entering your answers in the ta Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021 (Do not round intermediate calculations.) Inventory carrying value > Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Ceremy View general journal

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