Assume that a Quoen Burger restaurant has the following perpetual inventory record for hamburger putties (Click the icon to view the perpetual inventory record) Af July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory 15 5455 Make any adjusting entry needed balance sheet at what value on July 31% Make any adjusting entry needed to apply the lower-of-cost-of-market rule (Record debits first, then credits. Exclude explanations from journal entries For situations tha *Accounts column and leave all other cells blank ) Date Accounts Debit Credit Jul 31 Data Table Date Jul 9 Cost of Goods Merchandise Purchases Sold Inventory on Hand $ 480 $ 480 $ 200 100 330 520 Merchandise inventory would be reported on the balance sheet at what value on July 312 In this case, Queen Burger's balance sheet would report the inventory as follows Queen Burger Balance Sheet (Partia Current Assets Jul 22 Jul 31 Print Done