Homework: Ch 5HW Question 4, E5-22A (simil HW Score: 72.33% 7 23 of 10 points Part 2 of 2 @ Points: 0 4 of 2 Save Ciamont Resources, Inc has the following account balances of May 31, 2018 The inventory balance was determined using FIFO Click the icon to viow the balances) Clarmont Resources, Inc. has determined that the replacement cost current market value) of the May 31, 2018, ending inventory is $35 700 Read the utements Requirement 1. What value would Clermont Resources, Inc., report on the balance shoot at May 31, 2018, for inventory, assuming the company uses the lower of cost or market rule? According to the tower of cost orket rule, Clermont Resources, Inc. should teport inventory on the May 31 belance sheet at $35.700 Requirement 2. Prepare any adjusting journal entry required based on the information given (Record debts first, then credasExclude creparations from any journal entries. If no adjusting entry is needed select "No ently required on the first line of the Accounts column and leave at other cols bank) Help Me Solve This DemoDocs Example Get More Help Clear All Check Answer Question rk: Ch 5HW Data Table Inic has the following account balances at May 31, 2010 view the balance) Inc, un determined that the placement concurent Cost of goods sold Sales revenue Bog Bal End Bal Inventory 3300 30.000 10.000 B 176.000 we any adjusting journal entry requued based on the into ded, select "No entoured on the first line of the Aced Journal Entry Accounts Print Done Deber Clear All This Check Answer DemoDocs Example Get More Help