Assume that a Best Burger restaurant has the following perpetual inventory record for hamburger paties: ick the icon to view the perpetual inventory record) T At October 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $405. Make any adjusting entry needed to apply the lower-of-cost-or-marketul Merchandise inventory would be reported on the balance sheet at what value on October 317 Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exdude explanations from yournal entries. For situations that do not require an entry make sure to select "No entry required in the Srst cell in the "Accounts column and leave all other cells blank.) Accounts Debit Credit Data Table Merchandise inventory would be reported on the balance sheet at what value on October 31? Cost of Goods Sold Merchandise Inventory on Hand Date Purchases Oct. 95 550 S 350 In this case, Best Burger's balance sheet would report the inventory as follows: Best Burger Balance Sheet (Partial) Current Assets 31 150 Point Done