Naturally Good Foods reports merchandise inventory at the lower-of-coormat Prior to releasing its randa statements to the year ended March 31 2025, Naturalny Income statement before the year and adjustments, appears as follows (Cick the icon to view the preliminary income statement) Naturally has determined that the current replacement cost of ording merchandise inventory is 120.000 cott 2000 Read the requirements Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is reared Recent is test the cross select the won on the late the money For chations that do not require an entry make sure to seed No entry requred in the first in the Accounts columna velik) Date Accounts and Explanation Debit Cetit Mar 31 Cost of Goods Sold 3.000 Merchandise 00 To wierchandise matory down to me Requirement 2. Prepare a revised partial income statement to show how Ny Good Foods should reports of goods oro Naturally Good Food Incomentar Year oud ch 31, 2005 Not Sales Reven Cost of Goods Sold Grosso Naturally Good Foods reports merchandise inventory at the lower-of-coormat Prior to releasing its randa statements to the year ended March 31 2025, Naturalny Income statement before the year and adjustments, appears as follows (Cick the icon to view the preliminary income statement) Naturally has determined that the current replacement cost of ording merchandise inventory is 120.000 cott 2000 Read the requirements Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is reared Recent is test the cross select the won on the late the money For chations that do not require an entry make sure to seed No entry requred in the first in the Accounts columna velik) Date Accounts and Explanation Debit Cetit Mar 31 Cost of Goods Sold 3.000 Merchandise 00 To wierchandise matory down to me Requirement 2. Prepare a revised partial income statement to show how Ny Good Foods should reports of goods oro Naturally Good Food Incomentar Year oud ch 31, 2005 Not Sales Reven Cost of Goods Sold Grosso