Question Help Richmond Resources, which uses the FIFO inventory costing method, has the following account balances at October 31, 2019, prior to releasing the financial statements for the year Richmond has determined that the current replacement cost current market Value) of the October 31, 2019, ending merchandise inventory is $13,500 Read the regurements Merchandise Inventory ending Cost of Goods Sold Sales Revenue 16,500 74,000 118.000 Requirement 1. Prepare any adjusting journal entry required from the given information (Record debits first, the credits. Select the explanation on the last line of the oumal entry. For situations that do not require an entry, make sure to select 'No entry required in the first call in the "Accounts column and leave all other cells blank) Date Accounts and Explanation Debit Credit Oct Incorre 1/4)