Brooks company carries three inventory items. The following infromation pertains to the ending inventory: Item      Quality      Unit Cost      Unit Market Value A           120            $60                   $55 F           170             $80                   $75 K           110             $30                   $40   Determine the ending inventory that Brooks will report on the balance sheet, assumming that it applies to thelower cost of market rule to indiviual inventory items.   Caculate the adjustments required under both methods, assuming the decline in value is immaterial.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.