MyPie Review Dictionary Calculator Assignments Gradebook g Calendar Thomas Company uses the perpetual inventory system to account for inventory On March 31, Merchandise Inventory had a balance of $51,200. Based on a physical count taken by the auditors on the same date, Merchandise Inventory should have had a balance of $50,580. Required: Prepare the necessary adjusting entry to update Merchandise Inventory Date Account Title Debit Credit Clear Undo Help Explain MyPie Review Dictionary Calculator Assignments Gradebook Calendar During the past year, prices have been steadily rising. Required: For each of the following three items, determine which inventory cost flow assumption, FIFO or LIFO, will result in the higher value. If neither applies, select "Value not affected." FIFO L IFO Value not affected Ending Inventory Cost of Goods Sold Accounts Payable Clear Undo Help Next >> Explain