Jan. 1 Apr. 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 270 units @ $ 8 135 units e$ 19 450 units $9 563 units @ $20 The beginning inventory consisted of 165 units at $9 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and k records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account f View transaction list Journal entry worksheet Record entry Inventory purchased for cash. Note: Enter debits before credits. Date General Journal Debit Credit 01/01 b. Compute cost of goods sold for Year 2. Cost of goods sold The following information pertains to Hagen Metal Work's ending inventory for the current year: Item D X M Quantity 250 240 68 59 Unit Cost $ 12 14 10 7 Unit Market Value $ 9 13 13 13 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