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

Item	Quantity			Unit Cost				Unit Market Value
A		190			$	10			$	9
F		245				13				12
K		171				5				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.

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.)