7. RJ Foreman Supplies had merchandise inventory that cost $1,400. The market value of the merchandise inventory is $1,150. What value should Foreman Supplies show on the balance sheet for merchandise inventory? Record the adjusting entry, if one is needed. What value should Foreman Suecies show on the balance sheet for merchandise inventory? O A $250 OB $1,150 OC $2.550 OD $1,400 Record the adjusting entry it one is needed. (Record debits first, then credits. Select an explanation on the last line of the journal entry table. For situations that do ne require an entry, make sure to select "No entry required in the first cell in the "Accounts and Explanations" column and leave all other cells blank.) Date Accounts and Explanations Debit Credit Dec 31 RFotoran Supplies had merchandise inventory that cost 51400. The market val Se thew on the balance sheet for merchandise inventory? Record the adjusting What value should Foreman Supplies show on the balance sheet for merchandise inventory DA 5250 DB 5.159 OC 32.550 00 $100 Record the adjusting entry. If one is needed. (Record debits first the credits Select an explan an enly, make sure to select "No entry required in the first cell in the "Accounts and Date Accounts and Explanations De Debit G No entry required Accounts Payable Accounts Receivable Cost of Goods Sold Merchandise Inventory Sales Revenue 0 + $ 3 % SOLO 5 W