The perpetual inventory record for the hamburger restaurant is following: Cost of Date Goods Sold Purchases 9 $ 480 Merchandise Inventory on Hand $ 480 Jun. 22 $ 350 130 30 210 340 At June 30, the accountant for restaurant determines that current replacement cost of the ending merchandise inventory is $388. 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 June 30? a. Make any adjusting entry to apply the lower of cost-or- market rule. b. Report the inventory on balance sheet