please do both of the requirments

Clammont Fesoutces, which uses the Fifo inventicy conting rethod, has the following aocourt balances in Carmont has setermined that the current replacement eost (cument market value) of the Vay 31,2025 . Uay 31, 2025, phor to roleasing the friwhoial statements for the year ending merchand ie inventory is $12.400. Revd te pedirerents Requirements 1. Prepare any adjusting journal entry required from the information given. 2. What value would Clarmont report on the balance sheet at May 31,2025 , for merchandise inventory