Brooks Company carries three Inventory Items. The following Information pertalns to the ending Inventory: Unit Iten QuantityCost Unit Market Value 215 268 175 16 15 Required a. Determlne the ending Inventory that Brooks wI report on the balance sheet assuming that It applles the lower-or-cost-or-market rule to IndvMdual Inventory ltems Rferan b. Prepare the necessary Joumal entry, assuming the declne In value was mmaterlal. [f no entry Is required for a transaction event, select "No Journal entry requlred" in the frst account tield.) Mew tranceation Ilct Journal entry worksheet Record entry for coat of goods sold. Event Debit Credit Cost of goods sold Reoord entry Clear entry Vlaw goneral Jounal