uses the FIFO inventory cusing melhod, has the following sccount belances at October 31, 2019. prior to releasing the fimancial Rapid has delemined that the currenl replacement cust iurrent merkel value) of the Octuber 31, 2019, ending merchendise inventory is $12.500. Read the requiremants Merchandise Inventory, ending 15 00 Cast of Goods Sald Sales Revenue r3poo 122.000 then credits, Select the explanation on the last ine of the iqumal entry, Fi situations that do not require an entry, make sure to select "No entry required in the first cell in the "Apcounts column and Ieaave all gther cell ement 1. Prepare any adjusting joumal entry required from the given information. (Record debits firs Date Accounts and Fxplanation Debit Credit 31 Requirements Prepere ay adiueting joumal ntry reauired from the iniormafon uiven What velue would Rapid report on the belance sheet et October 31, 2019 for marchandise Invantary? Requirament 2, What value would Rapid repot on the balance sheet at October 31, 2019, tor merchandise imventory ccording to the I balance sheet at Rapid Respurces should report imentory on the October Print Doos