Business, 26.02.2020 04:16 lexadoodle8945

Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity Unit Cost Unit Replacement Cost Unit Selling Price A 900 $24 $26 $30 B 500 29 25 32 C 600 17 16 22 D 1,000 21 18 20 E 900 28 26 27 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 25 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.

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Forester Company has five products in its inventory. Information about the December 31, 2021, invent...

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