Question: Determine the value inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. Prepare any necessary journal

Determine the value inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. Prepare any necessary journal entries, assuming the decline in value is immaterial. Hagen Metal Works uses the perpetual inventory system. (Make entries for both methods) Brooks company carries three inventory items. The following information pertains to the ending inventory. Determine the ending inventory that Brooks will report on the balance sheet, assuming that applies the lower-of-cost-or-market rule to individual inventory items. Prepare the necessary journal entry, assuming the decline in value was immaterial

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