Brooks Company carries three inventory items. The following information pertains to the ending inventory: Link Market Value Item A F K Quantity 210 265 171 Unit Cost $10 13 5 $9 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 View journal entry worksheet No Event General Journal Debit Credit 1 1 Cost of goods sold Merchandise inventory