Assume that a Logan Burger restaurant has the following perpetual inventory record for hamburger patties: At February 28 , the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $490. 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 February 28 ? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry req first line of the journal entry table.) Perpetual inventory record