The following information pertains to Hagen Metal Work's ending inventory for the current year: Item D K M Quantity 230 220 64 53 Unit Cost $ 10 12 8 5 Unit Market Value $ 7 11 11 11 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 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.)