Exercise 5-10A Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Work's ending Inventory for the current year: Unit Unit Quantity Itom D 220 210 62 50 Cost $ 15 17 13 10 Market value $ 14 14 15 16 Required a. 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. Ending Inventory Individual item method Aggregate method b. 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. (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