Question: Assume that a Mega Burger restaurant has the following perpetual
Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties:
At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $431. 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 July 31?
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