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Prepare any necessary journal entries assuming the decline

The following information pertains to Wroten Hardware's ending inventory for the current year:

1025_264-B-M-A-I (1849).png

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 journal entries, assuming the decline in value is immaterial, using the

(1) Individual method

(2) Aggregate method.

Wroten Hardware uses the perpetual inventory system.

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Managerial Accounting: Prepare any necessary journal entries assuming the decline

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