Submit Test USt Test s(Clapiers 6, 1 of 35 This Test: 35 pts possible This Question: 1 pt te Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties EEB (Click the icon to view the perpetual inventory record) At January 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $396 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 January 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule (Record debits first, then credits Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the Accountscolumn and leave all other celis blank) Date Accounts Debit Credit Data Table Jan 31 Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Merchandise inventory would be reported on the balance sheet at what value on January 31? In this case, Mega Burger's balance sheet would report the inventory as follows 460 150 350 Jan. 9 460 310 31 200 Choose tfrom any list or enter any number in the input fields and then continue to the next Print Done Save for Later