Assume that a Best Burger restaurant has the following perpetual inventory record for hamburger patties: 3 (Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $415. 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? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit Jul. 31 Merchandise inventory would be reported on the balance sheet at what value on July 31? In this case, Best Burger's balance sheet would report the inventory as follows: Best Burger Balance Sheet (Partial) Current Assets: Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Jul. 9 $ 450 450 22 $ 300 150 31 220 370