Homework: Ch. 6 Homework Score: 0 of 7 pts E6-21 (similar to) 3 of 15 (9 complete) Eagle has determined merchandise inventor Eagle Resources, which uses the FIFO inventory costing method, has the following account balances at December 31, 2019, prior to releasing the financial statements for the year. Merchandise Inventory, ending 16,500 Cost of Goods Sold 73,000 Sales Revenue 121,000 Read the requirement Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation "No entry required" in the first cell in the "Accounts column and leave all other cells blank.) Date Accounts and Explanation Debit Credit Dec. Rec Eagle has determined that the current replacement cost (current market value) of the December 31, 2019, ending merchandise inventory is $12,500. Read the requirements. its. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select Requirements Requirements Prepare any adjusting journal entry required from the information given. What value would Eagle report on the balance sheet at December 31, 2019, for merchandise inventory? Print Done