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

Item	Quantity	Unit Cost			Unit Market Value
A	220	$	11		$	10
F	235		12			11
K	170		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.

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.)

Event 1: record entry for cost of goods sold