Brooks Company carries three inventory items. The following information pertains to the ending inventory.

Item	Quantity	Unit Cost	Unit Market Value
A	120	$ 60	$ 55
F	170	80	75
K	110	30	40

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. b. Prepare the necessary journal entry, assuming the decline in value was immaterial.

Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-ormarket rule to individual inventory items. Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits