Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. Ending inventory b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Co. 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 Record entry for inventory loss. At the end of the year, Randy's Parts Co. had the following items in inventory Item Unit Cost $ 95 Unit Market Value $ 97 Quantity 70 39 81 44 66 76 132 120 P3 P4 66 Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. Ending inventory