Exercise 5-11A (Static) Lower-of-cost-or-market rule LO 5-2 Brooks Company carries three inventory items. The following information pertains to the ending inventory. Unit Unit Market Item Quantity Cost A 120 $ 60 P K 170 110 80 30 Value $ 55 75 40 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. b. Calculate the adjustment required assuming the decline in value is immaterial. a. Ending inventory b. Adjustment