Camp Site USA, Inc. uses the LEO inventory method and values its inventory using the lower of cost-or-market (LCM) Camp She USA Inc. has the following account balances at December 31, 2018, before releasing its financial statements for the year (Click the icon to view the accounts The accountant for Camp Site USA, Inc., has determined that the replacement cost current market value of the ending inventory as of December 31, 2018 is 559.100 Read the requirements Requirement 1. Which accounting principle or concept is most relevant to Camp Site USA Inc's decision to use LCM? The conservatism principle is most relevant to Camp Site USA Ine's decision to use LCM Requirement 2. What value for Inventory would Camp She USA Inc. report on the balance sheet at December 31, 2018? According to the lower-of-cost-or-market rule Camp Site USA Inc. should report inventory on the December 31 2018 balance sheet at Requirement 3. Prepare any adjusting journal entry required from the information given (Record debits Best, then credits Exclude explanations from any Journal entries i no adjustment is needed, select "No entry requires on the first line of the Accounts column and leave all other cells blank Journal Entry Accounts Debit Credit Date Dec Choose from any at or enter any number in the input felds and then continue to the next question 16/ e Camp Site USA, Inc., uses the LIFQ inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Camp Site USA, financial statements for the year, Click the icon to view the accounts.) The accountant for Camp Site USA, Inc., has determined that the replacement cost (current market value) of the ending inventory as of Decem Read the requirements Requirement: No entry required According to th Accounts payable Cash Requirement: the first line of Cost of goods sold Inventory Sales revenue Date Supplies SA, Inc., report on the balance sheet at December 31, 2018? Inc., should report inventory on the December 31, 2018 balance sheet at from the information given (Record debits first, then credits. Exclude explanation lank.) Debit Credit Dec 31 ho Choose from any list or enter any number in the input fields and then continue to the next question N a method and values its inventory using the lower-of-cost-or-market (LCM) rule. Camp Site USA, Inc., has the following account balar termined that the replacement cost (current market value) of the ending inventory as of December 31, 2018, is $59,100. Data Table 1 ar Cost of goods sold Sales revenue en all Beg Bal Inventory 36,600 61,100 TE End Bal Bal 217,800 Bal 325,000 Print Done the input fields and then continue to the next