Financial Accounting Problem 3 Charlottesville Athletic Goods which uses the FIFO method, has these account balances at October 31, 2017, prior to releasing the financial statements for the year: Inventory Cost of goods sold Sales revenue Beg. Bal. 1,500 End. Bal. 13,000 Bal. 72,000 Bal. 117,000 Charlottesville has determined that the replacement cost (current market value) of the October 31, 2017, ending inventory is $12,000. Problem3 Requirement 1. Prepare any adjusting journal entry required from the information given 2. What would Charlottesville report on the balance sheet at October 31, 2017, for inventory? required from the Information Ev inventon? Journal Entry Accounts Date Debit Credit October 31 Requirement 2. Write explanation here