Naturally Good Foods reporto merchandise nventory at the lower-of-cost ce-market Prior to releasing is financial statements for the year ended March 31. 2005. Naturala pronary income statement betwyowed du (Click the loon to view the preliminary income statement.) Naturally has determined that the current replacement cost of ending merchandise inventory is $20,000 Cost is $26,000 Read the requirements Requirement 1. Journalize the adjusting entry for merchandise inventory. If any is required. (Record debts first, then credits Select the explanation on the last line of the jumal entry for stumtions that do not in an entry, select "No entry required in the first col in the "Account column and leave all other cells blank.) Date Accounts and Explanation Debit Credit Mar 31 Cost of Goods Sold 6.000 Data Table Merchandise Inventory 6,000 To write merchandise inventowy down to market value Naturally Good Foods Income Statement Partian Year Ended March 31, 2025 Net Sales Revenue 5 115.000 48.000 Cost of Goods Sold $ 67,000 Requirement 2. Prepare a revised partial income statement to show how Naturally Good Foods should report sale, cost of goods sd Naturally Good Foods Income Statement Partian) Year Ended March 31, 2025 Net Sales Revenue cost of Goods Sold Gross Profit Print Dono Dnes Profit