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Brooks Company carries three inventory items. The following information pertains to the ending inventory: ...

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Accounting

Brooks Company carries three inventory items. The following information pertains to the ending inventory:

Item Quantity Unit Cost Unit Market Value
A 195 $ 10 $ 9
F 255 12 11
K 173 5 8

Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items.

b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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