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
Requireda. 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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