Score: 0 of 8 pts 4 of 15 (13 complete) E6-22 (similar to) Nature Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended March 31, 20 follows: E(Click the icon to view the preliminary income statement.) Nature has determined that the current replacement cost of ending merchandise inventory is $20,500. Cost is $26,000. Read the requirements Requirement 1. Jounalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation o select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Debit Credit Mar. 31 e of is oth i Data Table Nature Foods Income Statement (Partial) Year Ended March 31, 2019 $ 119,000 Sales Revenue 51,000 Cost of Goods Sold $ 68,000 Gross Profit Print Done O, Il un quieu ( nd leave all other cells blank.) ts IISL, len Credts. Select the explanation on the last line of the journ n iRequirements 1. Journalize the adjusting entry for merchandise inventory, if any is required 2. Prepare a revised partial income statement to show how Nature Foods should report sales, cost of goods sold, and gross profit. Print Done