The following information pertains to Hagen Metal Works ending inventory for the current year. Item Quantity Unit Cost Unit Market Value C 120 $11 $9 D 110 13 11 K 42 9 10 M 20 6 11 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. 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.

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