cost of the goods, which was $104,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $412,000. Read the requirements. sure to select "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Requirement 2. At what amount should the company report merchandise inventory on the balance sheet? L and M should report merchandise inventory on the balance sheet at 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation