Assume that a Logan 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 $470, 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 Data Table Date Jul 9 Cost of Goods Merchandise Purchases Sold Inventory on Hand S 460 $ 460 $ 260 200 Merchandise inventory would be reported on the balance sheet at what value on July 31? In this case, Logan Burger's balance sheet would report the inventory as follows: Jul. 22 Jul. 31 330 530 Choose from any list or enter any number in the input fields and then continue to the next question, Print Done At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $470. 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? JUL 31 Data Table Merchandise inventory would be reported on the balance sheet what value on July 312 In this case, Logan Burger's balance sheet would report the inventory as follows: Date Purchases Logan Burger Balance Sheet (Partial) Cost of Goods Sold Merchandise Inventory on Hand Jul 9 S $ 460 Current Assets 460 $ 260 200 Jul. 22 Jul. 31 330 530 Choose from any list or enter any number in the input fields and then continue to the next question Print Done