Business, 17.12.2019 01:31 tbowlby7620

Forester company has five products in its inventory. information about the december 31, 2021, inventory follows.

product quantity unit cost unit replacement unit selling price
a 900 $ 29 $ 31 $ 35
b 900 34 30 37
c 900 22 21 27
d 900 26 23 25
e 1,000 33 31 32

the cost to sell for each product consists of a 20 percent sales commission. the normal profit for each product is 40 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...