The following information pertains to Smith Woodwork Co.s ending inventory for the current year: Required a. Determine

The following information pertains to Smith Woodwork Co.€™s ending inventory for the current year:

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Required
a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to
(1) Each individual inventory item
(2) The inventory in aggregate.
b. Prepare any necessary journal entries, assuming the decline in value is immaterial. Smith Woodwork Co. uses the perpetual inventory system. (Make entries for bothmethods.)

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Unit Unit Market Value Item Quantity 80 70 30 20 Cost $20 25 S16 20 28 17 15