Clarmont Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2019, prior to releasing the financial statements for the year Clarmont has determined that the current replacement cost (current market value) of the May 31, 2019, ending merchandise inventory is $12,400 $ Read the requirements Merchandise Inventory, ending Cost of Goods Sold Sales Revenue 13,500 68,000 123,000 select "No entry Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Debit Credit May 31 Requirement 2. What value would Clarmont report on the balance sheet at May 31, 2019, for merchandise inventory? According to the rule, Clarmont Resources should report inventory on the May 31 balance sheet at