answer both parts

ant tud Data Table stay -ma ry is $4 We on J. ap Date Cost of Goods Merchandise Purchases Sold Inventory on Hand $ 430 $ 430 y, ptions fr ave all Jul. 9 ou Jul. 22 230 200 Jul. 31 330 530 Print Done Clear All ext Pages Get More Help Assume that a Prime Burger restaurant has the following perpetual inventory record for hamburger patties: Click the icon to view the perpetual inventory record.) At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $470. 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? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required in the first cell in the "Accounts' column and leave at other cells blank.) Date Accounts Credit Jul 31 Debit