At the end of the year, Randys Parts Co. had the following items in inventory:

Item	Quantity	Unit Cost	Unit Market Value
D1		62		$	25		$	31
D2		29			46			44
D3		41			36			45
D4		40			59			46

Required

a.

Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item.

b.

Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randys Parts Co. uses the perpetual inventory system.

c.	Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate.