brooks company

Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Market Value Item Unit Cost $10 Quantity 185 230 16 Required a. Determine the ending Inventory that Brooks will report on the balance sheet assuming that it applies the lower-of-cost-or-market rule to individual inventory items. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record entry for cost of goods sold. Note: Enter debits before credits Event General Journal Debit Credit