1. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate.
2. Prepare any necessary journal entries, assuming the decline in value is immaterial, using the (1) individual method and (2) aggregate method. Hagen Metal Works uses the perpetual inventory system.

The following information pertains to Hagen Metal Works' ending inventory for the current year: Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (t) each individual inventory item and (2) the inventory in aggregate. b. Prepare any necessary journal entries, assuming the decline in value is immaterial, using the (1) individual method and (2) oggregate method. Hagen Metal Works uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) eath individual inventory item and (2) the inventory in aggregate. Complete this question by entering your answers in the tabs below. Prepare any necessary joumal entries, assuming the decline in value is immaterial, using the (1) indluidual method and (2) aggregata method. Hagen Metal Works uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record entry for cost of goods sold using individual item method. Fwote: Errter detars betore creste