Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item Quantity A 185 F 275 K 174 Unit Cost $ 9 16 5 Unit Market Value $ 8 15 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 Journal entry worksheet 1 > Record entry for cost of goods sold, Prev 1 of 2 !!! Next > 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 Event General Journal Dobit Credit 1 Record entry Clear entry View general Journal