Assume that a Queen Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) Al October 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $399. 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 October 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 coll in the "Accounts column and leave all other cells blank.) Date Accounts Debit Credit 0 Data Table Oct Cost of Goods Sold Merchandise Inventory on Hand Date Purchases Oct. 95 490 Merchandise inventory would be reported on the balance sheet at what value on October 31? 490 $ 320 Choose from any list or enter any number in the input fields and then continue to the next 170 350 180 Merchandise inventory would be reported on the balance sheet at what value on October 31? In this case, Queen Burger's balance sheet would report the inventory as follows: 0 Data Table Queen Burger Balance Sheet (Partial) Cost of Goods Sold Merchandise Inventory on Hand Current Assets Date Purchases Oct. 95 490 $ 320 Choose from any list or enter any number in the input fields and then continue to the next 180