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: Item Unit Cost $ 9 17 Quantity 210 240 173 A Unit Market Value $ 8 16 7 F K 4 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 Record entry for cost of goods sold. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal