E6-21 (similar to EQuestion Help Eaton Resources, which uses the FIFO inventory costing method, has the following account balances at August 31, 2019, prior to releasing the financial statements for the year Eaton has determined that the current replacement cost (current market value) of the August 31, 2019, ending merchandise inventory is $13,600. Read the requirements. Merchandise Inventory ending 15,500 Cost of Goods Sold 67,000 121,000 Sales Revenue 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.) Accounts andExplanation Debit Date Credit Requirements Aug 31 1. Prepare any adjusting journal entry required from the information given. 2. What value would Eaton report on the balance sheet at August 31, 2019, for merchandise inventory? Print Done