Ending Inventory
Brooks Company carries three inventory items. The following information pertains to the ending inventory:
| Item | Quantity | Unit Cost | Unit Market Value | ||||||||
| A | 190 | $ | 10 | $ | 9 | ||||||
| F | 245 | 13 | 12 | ||||||||
| K | 171 | 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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Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit...
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