Eagle Resources, which uses the FIFO inventory costing method, has the following account balances at August 31, 2025, prior to releasing the financial statements for the year: Eagle has determined that the current replacement cost (current market value) of the August 31, 2025, ending merchandise inventory is $12,800. Read the requirements. Merchandise Inventory, ending Cost of Goods Sold $ 13,000 70,000 Net Sales Revenue 115,000 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 to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Aug. 31 Accounts and Explanation Debit Credit