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

Item	Quantity			Unit Cost				Unit Market Value
P1		64			$	89			$	91
P2		34				62				72
P3		86				130				118
P4		40				56				64

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randys Parts Co. uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)