Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity Cost Market Value A 190 $10 $9 F 245 13 K 171 5 12 8 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.) View transaction list Journal entry worksheet 1 Record entry for cost of goods sold. b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet