Assume that a Mega 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 inventory is $376. 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 December 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 Data Table Dec. 31 Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Dec 9 $ 460 460 22 $ 280 180 31 150 330 Choose from any list or enter any number in the input fields and then click 1 Pama remaining Print Done Done