Some of Hand Blectronics merchandise is guhering out the row December 31, 2004, and the current replacement cost of the ending merchandise inventory is $20,000 below the business's cost of the goods which was 3101.000 Before any austments at the end of the period, the company's Cost of Goods Sold account has a balance of $412,000 Read the recurrents Requirement 1. Soumice my recured entries (Record cobea frat, then credits. Select the explanation on the last one of the journal entry thtle For stuations that do not require an enty make sure to stated "No Entry Required in the last in the "Account column and love the cos blank) The required journal entry would be Date Accounts and Explanation Debit Credit Dec 31 Requirement 2. Al wat amount should the company report merchandise inventory on the balance shel? Choose from any lot or enter any number in the input froide and then continue to the next to Requirement. Al wat amount should the company report merchandise inventory on the balance sheet? Hand I should report merchandise inventory on the balance sheet Requirement 3. At what amount should the company report cost of goods sold on the income statement? Hand short of goods sold on the income tamen Requirement 4. Which contra principle o concept is most relevant to this ston? ne reason to account for merchandis inventory at Gracter accountants to decrease the courong vat of an asset it appears Choose from wylist or enter any number in the rout fields and then continue to the next