Chapter 6 question 1 answer all the requirements please thank you. Fill in the blanks please thank you.

Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? Requirement 2. At what amount should the company report merchandise inventory on the balance sheet? 4. Which accounting principle or concept is most relevant to this situation? K and B should report merchandise inventory on the balance sheet at Requirement 3. At what amount should the company report cost of goods sold on the income statement? K and B should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation