The following information pertains to Hagen Metal Works ending inventory for the current year: Item Quantity Unit Cost Unit Market Value C 90 $ 24 $ 16 D 75 22 20 K 40 25 28 M 22 15 17 Required 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. Calculate the adjustment required under both methods, assuming the decline in value is immaterial