Please show formulas and explanations so i can understand where the numbers come from, will give thumbs up accordingly.

Needs to be done in Excel

Raider Industries must follow the Lower of Cost or Market (LCM) Rule for its inventory. The following information was taken from Raider's inventory records as of December 31, 2022: Raider has the following costs to sell associated with all of its products: 1. Sales commission of 5% of the selling price for each product 2. Packaging and delivery costs of 5% of the cost of each product Also, Raider's normal profit margin is 15% of selling price for all of its products. Requirements: Complete each of the following independent requirements: a) Determine the carrying value of inventory at 12/31/22 assuming that Raider applies the LCM Rule to each specific product in its inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2022. b) Determine the carrying value of inventory at 12/31/22 assuming that Raider applies the LCM Rule to its total inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2022