Some of M and C Electrorics' morchandise is gathering dust. It is now December 31,2024 , and the current replecement cost of the ending merchandire imvertory is $24,000 below the business's cost of the geods, which was $97,000. Before any adustinents at the end of the poriod, the company's Cost of Goods Sold account has a belance of $380,000. Read the requicerent sare in seded, "No Entry Required" in the fint cell in the "Apoounts" calumn and lane all other coils blank.) Tha requirod journal entry would be: Requirements 1. Joumalce any required ectries 2. At what amount thoula the company repet merchandive invantary on the baiance shoot? 3. Al what amount should the cor pacy report cols of poods sols on ne incame stabernent? 4. Which accounting penicple ar concest is most recivant ta thes stuation