Assume that a

PrimePrime

Burger restaurant has the following perpetual inventory record for hamburger patties:

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(Click the icon to view the perpetual inventory record.)At

OctoberOctober

3131,

the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is

$ 407$407.

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

OctoberOctober

3131?

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
Oct.	31	No entry required

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Data Table

			Cost of	Merchandise
Date		Purchases	Goods Sold	Inventory on Hand
Oct.	9	$470		$470
	22		$320	150
	31	210	merchandise inventory 360