S-F:6-8 Applying the lower-of-cost-or-market rule Assume that a Wheel Cap Burger restaurant has the following perpetual inventory record for hamburger patties: At February 28, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $347. 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