Nutritional Foods reports merchandise inventory at the lower-of-cost or market. Prior to releasing its financial statements for the year ended December 31, 2018 Nuntionals preliminary income statement before the year-end adjustm appears as to low Click the icon to view the preliminary income statement) Nutritional has determined that the current replacement cost of ending merchandise inventory is $16.500. Cost is $23.000 Read the girements Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits Select the explanation on the last line of the journal entry. Forsations that do not require an entry, makes select "No entry required in the first cel in the Accounts column and love all other cells blank.) Accounts and Explanation Debat Credit Data Table Requirement 2. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit Nutritional Foods Income Statement (Partial) Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold S 117.500 Nutritional Foods Gross Profit Income Statement (Partia Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Print Gross Profit