Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 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. 53 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 credits General Journal Debit Credit Event