Question 3 This Quiz: 10 pts possible Submit Quiz Assume that a Prime Burger restaurant has the following perpetual inventory record for hamburger patties: Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $450. 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 July 317 Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from joumal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit Jul 31 Merchandise inventory would be reported on the balance sheet at what value on July 31? In this case, Prime Burger's balance sheet would report the inventory as follows: Prime Burger Balance Sheet (Partial) Current Assets: - 1 Data Table Date Jul. 9 Jul. 22 Cost of Goods Merchandise Purchases Sold Inventory on Hand $ 440 440 $ 230 210 270 480 Jul. 31 Print Done