Valley Source Foods Income Statement (Partial) Year Ended July 31, 2019 Sales Revenue $ 116,000 cost 45,000 Cost of Goods Sold $ 71,000 Gross Profit Print Done 1. Journalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Valley Source Foods should report sales, cost of goods sold, and gross profit. Print Done Read the comedia Inventory is $17,000. Cost is $21,000 Requirement 1. Joumalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation on the last line of the jour select "No entry required in the first coll in the "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Dobit Credit Jul 31 Requirement 2. Prepare a revised partial income statement to show how Valley Source Foods should report sales, cost of goods sold, and gross proft Valley Source Foods Income Statement (Partian Year Ended July 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Choose from any list or enter any number in the input fields and then continue to the next question Valley Source Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended July 31, 2018, Valley Source's primary appear as follows: (Click the icon to view the preliminary income statement.) Valley Source has determined that the current replacement cost of ending marchandise inventory is $17.500. Cost in $21,000, Read the guitamen Requirement 1. Joumalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation on the last line of the journal antry For Wat select "No entry required in the first call in the "Accounts column and love all other cells blank.) Date Accounts and Explanation Debit Credit Jul 31 Requirement 2. Prepare a revised partial income statement to show how Valley Source Foods should report sales, cost of goods sold, and gross profit Valley Source Foods Income Statement (Partial) Year Ended July 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Choose from any list or enter any number in the input fields and then continue to the next