Help Save & Exit Exercise 5-11A Lower-of-cost-or-market rule LO 5-2 Brooks Company carries three inventory items. The following information pertains to the ending inventory Item Quantity Unit Unit Cost Market Value 205 $11 $10 235 14 13 4 7 A F 176 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.) View transaction list 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.) View transaction dat Journal entry worksheet