Oregon Resources which uses the FIFO inventory costing method, has the following account balances atOctober 31. 201. prior to releasng Oregon has determined that the current replacement cost (current market value) of the Octbe 31. 2019. ending merchandise inventory the financiel statements for the year Merchand se Inventory. ending Cost of Goods Sold Sales Revenue 313,000 Read the requirement 15,000 73.000 118.000 Requirement 1. Prepare any sdjusting iournal entry required from the given information. (Record debits first, then credits. Select the explanston on the last line of the journel entry. For situations that do not require an entry, make sure to select "No entry required" in the first cel in the Accounts" column and leave all other cella blank.) Date Accounts and Explanation Debit Credit Requirements Oct. 1. Prepere any adjusting journel entry required from the informaion given. 2. What value would Oregon report on the balance /eet at October 31, 2018. Requirament 2. What value would Oragon raport on the balance sheat at Octobar 31, 2019, for marchand se invantory? Print Done Accord ng to the ule, Oregon Resources should report inventory on the October 31 balance sheet at