Assume that a Steer Burger restaurant has the following perpetual inventory record for hamburger patties: (Click the icon to view the perpetual inventory record.) At August 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $515. 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 August 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 cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit i 31 Aug. Data Table Merchandise Inventory on Hand Merchandise inventory would be reported on the balance sheet at what value on August 31? Cost of Date Purchases Goods Sold Aug. 9 $ 550 $ 280 31190 550 In this case, Steer Burger's balance sheet would report the inventory as follows: 460 Steer Burger Balance Sheet (Partial) Current Assets: Print Done Choose from any list or enter any number in the input fields and then continue to the next