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Hoserly Corp. Inc. has the following account balances at May 3 2016. The inventory balance was determined using FIFO. Click the icon to view the balances.) Hoserly Corp., Inc. has determined that the replacement cost (current market value) of the May 31, 2016, ending inventory is S32,300. Read the requirements. Requirement 1. What value would Hoserly Corp., Inc. report on the balance sheet at May 31. 2016, for inventory assuming the company uses the lower-of-cost-or-market rule According to the lower-of-cost-or-market rule. Hoserly Corp., Inc., should report inventory on the May 31 balance sheet at Requirement 2. Prepare any adjusting journal entry required from the information given. (Record debits first, then credits. Exclude explanations from any journal entries. If no adjusting entry is needed, select "No entry required" on the first line of the Accounts column and leave all other cells blank.) Journal Entry Requirements Date Accounts Debit Credit May 1. What value would Hoserly Corp., Inc. report on the balance sheet at May 31, 2016, for inventory assuming the company uses the lower-of-cost-or-market rule? 2. Prepare any adjusting journal entry required from the information given. Print Done