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 December 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inwantory is S4T0. Make any adusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on December 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from jounal entries. For situations that do not require an entry, make sure to select 'No entry required in the first cel in the "Accounts column and leave all other ce s blank.) Date Debit Credit Data Table Merchandise inventory wauld be reporled on the balance sheet at what value an December 31? In this case, Best Burgers balance sheet would report the inventory as follows: Cost of Date Purchases Goods Sold on Hand Best Burger Dec. 9S 500 500 190 420 Balance Sheet (Partial) 310 Current Assets: 31 230 Print Done