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

Brooks Company carries three inventory items. The following information pertains to the ending inventory Unit Unit $11 8 Item QuantityCost Market Value 200 255 178 $12 13 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 transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry for cost of goods sold