A 1 The following information pertains to Charlie's Hardware Store's ending inventory for the current year Unit Unit Item 200 205 Cost Market Value 14 14 15 $ 18 $ 10 S 14 10 Required: 11 a. Determine the value of the ending inventory using the lower-of-cost-or-market rule 12 applied to (1) each individual inventory item and (2) the inventory in aggregate. Ending Inventory Individual item method Aggregate method 18 19 b. Prepare any necessary journal entries, assuming the decline in value is immaterial, using 20 the (1) individual method and (2) aggregate method. Charlie's Hardware uses the 21 perpetual inventory system Event General Journal Debit Credit 24 26 31 Perpetual inventory system updates inventory accounts after each purchase or sale