Assume that a Best Burger restaurant has the following perpetual inventory record for hamburger patties: (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 $405. 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 317 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 make sure to select "No eritty required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Jul. 31 Accounts Debit Credit 470 Data table 470 Date Purchases Cost of Goods Sold Merchandise Inventory on Hand Jul. 9 $ 470 $ 470 Jul. 22 $ 270 200 Jul. 31 2201 420 Print Done