Need some help pls!

Oregon Resources, which uses the FIFO inventory costing method, has the following account balances at March 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending $ 14,000 Cost of Goods Sold 71,000 Net Sales Revenue 119,000 B. Oregon has determined that the current replacement cost (current market value) of the March 31, 2025, ending merchandise inventory is $13,800. Read the requirements. Requirements 1. Prepare any adjusting journal entry required from the information given. 2. What value would Oregon report on the balance sheet at March 31, 2025, for merchandise inventory? Print Done Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, t on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry rec "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Debit Credit Mar. 31