Assume that a Prime Burger restaurant has the following perpetual inventory record for hamburger patties B Click the icon to view the perpetual inventory record) At June 30, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $419. 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 June 302 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 Jun 30 Merchandise Inventory Cost of Goods Sold Merchandise Inventory on Hand Date Purchases 490 Jun. 9 $ $ 490 $ 310 180 Jun. 22 370 Jun. 30 190