Brooks Company carries three inventory items. The following information pertains to the ending inventory iten A Quantity 210 245 171 Unit Cost $10 12 6 Unit Market value 59 11 0 K Required o. 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 Note Enter debits before ed Det Credit Event General Journal View all Record entry Clearby View transaction list Journal entry worksheet V Record ent Accounts payable Accounts receivable Cash Cost of goods sold Note: Enter det Income tax expense Debit Credit Event Record entry Clear entry View general journal b. Prepare the necessary Journal entry, assuming the decline in value was immaterial. (If no entry is required for a transac select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record ent Income tax expense Merchandise inventory Operating expenses Salaries expense Sales revenue Note: Enter deg Debit Credit Event Record entry Clear entry View general Journal