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

Item		Quantity				Unit Cost					Unit Market Value
C			90				$	24				$	16
D			75					22					20
K			40					25					28
M			22					15					17

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
1.	Individual item method
2.	Aggregate method

b. Calculate the adjustment required under both methods, assuming the decline in value is immaterial.

		Adjustment
1.	Individual item method
2.	Aggregate method