Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger pattes: (Click the icon to view the perpetual imverlory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending metchandise imventory is $310. Make any acfjusting entry needed to apply the lower-d-cost-or-market nile. Merchandse inventory would be reported on the balance sheet at what value on July 31 ? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debis first, then credks, Exclude explanations from journal entries. For situatons that do not require an ont make sure to select "No entry requireor in the fint cell in the "Acoounts" column and leave all other colls tiank.) Data table