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MELO Solar 56-8 Applying the lower-of-cost-or-market rule Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger patties: Learning Objective 4 Date Cost of Goods Sold Purchases 5 470 Feb. 9 22 28 Merchandise Inventory on Hand 5470 190 400 5 280 210 Ar February 28, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $447. Make any adjusting entry needed to apply the lower-of-cost-or-marker rule. Merchandise inventory would be reported on the balance sheet at what value on February 28? murinn hertiye 5