Exercise 5-11A Lower-of-cost-or- market rule LO 5-2 Brooks Company carries three Inventory items. The following information pertains to the ending inventory: Iten Quantity A 190 225 174 Unit Cost 511 19 Unit Market Value $10 16 7 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. Answer is not complete. Ciding 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.) Answer is not complete. 1 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. Answer is not complete. 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.) Answer is not complete. Debit No Credit Event General Journal 1 1 Cost of goods sold Merchandise inventory