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

Item	Quantity	Unit Cost	Unit Market Value
P1	61	$ 88	$ 90
P2	40	60	70
P3	88	136	124
P4	44	57	65

Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. Ending inventory Journal entry worksheet 1 Record entry for inventory loss. Note: Enter debits before credits. General Journal Debit Credit Event 01 Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. Ending inventory Journal entry worksheet Record entry for inventory loss. Note: Enter debits before credits. General Journal Debit Credit Event 01 Record entry Clear entry View general journal