Assume that a Qveen Burger restaurant has the following perpetual inventory recerd for hamburger patties: \#it (Cick the icon to view the perpetual imentory rocord.) At July 31, the accountant for the restaurant detormines that the curremt replacement cost of the ending merchandise inventory is $520. Make any adjusting entry neoded to apply the iower-of-cost-or-market fule. Merchandise imventory would be roported on the balance sheet at what value on July 31 ? Make any adjusting entry needed to apply the lowet-of-oost-oc-markot rulo. (Record debits first, then credits. Exclude euplanatiens trom joumal entres. For aituations that do not require an entry make sure to select "No entry required" in the first coll in the "Mccounts" column and Feave all other cells blank.) Data table Data table Merchandise inventory would be reported on the balance sheet at what value on July 31 ? In this case, Queen Burger's balance sheet would report the inventory as follows