Hoserly Corp., Inc., has the following account balances at May 31,2018 . The inventory balance was determined using FIFO. (Click the icon to view the balances.) Hoserly Corp., Inc., has determined that the replacement cost (current market value) of the May 31,2018 , ending inventory is $28,400. Read the Requirement 1. What value would Hoserly Corp., Inc., report on the balance sheet at May 31,2018 , for inventory, assuming the company uses the lower-of-cost-or-market rule? According to the lower-of-cost-or-market rule, Hoserly Corp., Inc., should report inventory on the May 31 balance sheet at Data table Requirements 1. What value would Hoserly Corp., Inc., report on the balance sheet at May 31,2018 , for inventory, assuming the company uses the lower-of-cost-or-market rule? 2. Prepare any adjusting journal entry required based on the information given