Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger pattes (Cick the icon to view the perpetual inventory record) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $435. Make any adjusting entry needed to apply the lower-of-cost-or-markat nulat Merchandise inventory would be reported on the balance sheet at what value on July 312 Date Accounts Ju.31 Cost of Goods Sold Marchandne Inventory CHO Debit Credit 35 Merchandise inventory would be reported on the balance sheet at what value on July 317 In this case, Rocket Burger's balance sheet would report the inventory as follows Rocket Burger Balance Sheet (Partial) Current Assets 35