6-8 Applying the lower-of-cost-or-market rule Assume that a Logan Burger restaurant has the f for hamburger pattics: ollowing perpetual inventory record Cost of Goods Sold Merchandise Inventory on Hand $450 Date Purchases $450 Jul. 9 180 390 $ 270 31 210 cost of the ending merchandise inventory is $435. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? the accountant for the restaurant determines that the current replacement