The following information pertains to Hagen Metal Works' ending inventory for the current year. Item C D K M Quantity 150 140 48 29 Unit Cost $14 16 12 9 Unit Market Value $12 14 13 14 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. 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. Complete this question by entering your answers in the tabs below. Required A Required B 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 Record entry for cost of goods sold using individual item method. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal