The following information pertains to Hagen Metal Works$$ ending inventory for the current year.

Item Quantity Unit Cost Unit Market Value

C $190$ $$12$ $$11$

D $1801411$

K $561012$

M $41711$

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.