Eagle Resources, which uses the FIFO inventory costing method, has the following actount balances at July 31,2025 , pror to releasing the financial statements for the year: Eagle has determined that the current replacement cost (cument market value) of the Juy 31,2025 , ending merchandise invertiony is $12,000 Read the recuitements Requirement 1. Prepare any adjusting joumal entry requied from the given information. (Record debits first, then credis. Seloct the esplanation on the last line of the joumal entry. For situations that do not require an entry, make sure to select "No entry roquired" in the first cell in the "Accounts" column and leave al other cels biank.) 1. Prepare any adjusting journal entry required from the information given. 2. What value would Eagle report on the balance sheet at July 31,2025 , for merchandise inventory