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 $$435.$ 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 $31?$

in July $31?$

$\text{'}$s:

Merchandise Inventory, at cost

Merchandise Inventory, at market value $($lower than cost$)$

Data table