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 | 220 | $ | 11 |
| $ | 10 |
|
| F | 235 |
| 12 |
|
| 11 |
|
| K | 170 |
| 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. |
ending inventory = ?
| 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.) |
Event 1: record entry for cost of goods sold
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