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 Ite Quantity 205 278 176 Unit Cost $12 13 5 Unise Market Value $11 12 5 K Required o. 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 search O RI a ** $