GDL Enterprises, Inc, has the following account balances at May 31, 2018 The inventory balance was determined using FIFO (Click the icon to view the balances) GDL Enterprises, Inc., has determined that the replacement cost (current market value) of the May 31, 2018, ending inventory is $34,600 Read the requirements Requirement 1. What value would GDL Enterprises, Inc., report on the balance sheet at May 31, 2018, for inventory, assuming the company uses the lower-of-cost-or-market rule? According to the lower-of-cost-or-market rulo, GDL Enterprises, Inc., should report inventory on the May 31 balance sheet at $34,600 Requirement 2. Prepare any adjusting journal entry required based on the information given. (Record debits first, then credits. Exclude explanations from any foumal entries. If no adjusting entry in needed, select "No entry required" on the first line of the Accounts column and leave all other cells blank.) Journal Entry Date Credit Accounts Debit May 31 Data Table Cost of goods sold Sales revenue Beg Bal Inventory 34,800 35,500 Bal Bal End Bal 89,000 173,000 Print Done 1