HW help

Eagle Resources, which uses the FIFO inventory costing method, has the following account balances at August 31, 2017, prior to releasing the financial statements for the year: Eagle has determined that the current replacement cost [current market value] of the August 31, 2017, ending merchandise inventory is $12,800. Read the requirements 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 required an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cell blank.) Requirement 2: What value would Eagle report on the balance sheet at August 31, 2017, for merchandise inventory? According to the consistency estimating-ending-inventory FIFO lower-of-cost-or-market materiality rule, Eagle Resources should report inventory on the August 31 balance sheet