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

Item	Quantity	Unit Cost	Unit Market Value
A	220	$9	$8
F	265	15	14
K	179	6	9

Required

1. 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.
2. 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. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/eve "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits