1 match Qse Brooks Company carries three inventory iterms. The following informa

Question

1 match Qse Brooks Company carries three inventory iterms. The following information pertains to the ending inventory $12 16 $11 15 190 173 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.) View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Event General Journal Dbit Credit 6 MacBook Ai

Explanation / Answer

a) Calculate value of ending inventory :

Journal entry :

Cost Market value value under LCM A 2280 2090 2090 F 4240 3975 3975 K 865 1384 865 Total 7385 7449 6930

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