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Item 1 3.33 points

Decker Company has five products in its inventory. Information about the December 31, 2018, inventory follows.

Product		Quantity		Unit Cost				Unit Selling Price
A		1,100		$	12			$	18
B		900			17				20
C		700			3				8
D		300			7				6
E		700			16				15

The cost to sell for each product consists of a 10 percent sales commission. Required: 1. Determine the carrying value of inventory at December 31, 2018, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2a. Determine the carrying value of inventory at December 31, 2018, assuming the LCNRV rule is applied to the entire inventory. 2b. Assuming the inventory write-downs are usual business practice for Decker, record any necessary year-end adjusting entry.