Clarmont Resources.which uses the FIFO inventory costing method.has the following account balances at January 31.2017.prior to releasing the financial statements for the year: Clarmont has determined that the current replacement cost (current market value) of the January 31.2017.ending merchandise inventory is $11. 800. Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first.then credits. Select the explanation on the last line of the journal entry. 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.) Requirement 2. What value would Clarmont report on the balance sheet at January 31.2017.for merchandise inventory? According to the rule.Clarmont Resources should report inventory on the January 31 balance sheet at