(Answered) Question - the following information pertains to hagen

Accounting

Question - The following information pertains to Hagen Metal Work's ending inventory for the current year:

Item	Quantity	Unit Cost	Unit Market Value
C	90	$24	$16
D	75	22	20
K	40	25	28
M	22	15	17

Required -

a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate.

b. Calculate the adjustment required under both methods, assuming the decline in value is immaterial.

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