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 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 Debit Jul 31 Accounts Credit 1 Data Table Date Jul. 9 Jul. 22 Jul. 31 Cost of Goods Merchandise Purchases Sold Inventory on Hand $ 470 $ 470 $ 270 200 220 420 Print Done