The following information pertains to James Hardware’s ending inventory for the current year:

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 adjustment, assuming the decline in value is immaterial, using the
(1) individual method

(2) aggregate method. 

James Hardware uses the perpetual inventory system.

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Unit Market Value $ 8 Unit Cost Quantity Item $10 200 100 40 30 12 8. 5 10 10