produced the highest Cost of Goods Sold? $6-8 Applying the lower-of-cost-or-market rule Learning Objective 4 Assume that a Rocket Burger restaurant has the following perpetual inventory record for hamburger patties: Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Feb. 9 $ 470 $ 470 22 $ 280 190 28 210 400 At 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-market rule. Merchandise inventory would be reported on the balance sheet at what value on February 28