The following Information pertains to Hagen Metal Work's ending inventory for the current year: Unit Iten Quantity Cost Uvit Market Value C 220 $15 $34 210 17 14 K 62 13 15 M 50 10 16 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 $ $ 7,326 7,750 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 ernative Chapter 5 Quiz 4 Saved 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 nts eflook Journal entry worksheet 1 2 Record entry for cost of goods sold using individual item method. Note: Enter debits before credits. Event $ General Journal Debit Credit View general journal Record entry Clear entry > View transaction list Journal entry worksheet BOOK