Question: Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2017, prior to releasing the financial statements for

Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2017, prior to releasing the financial statements for the year Rapid has determined that the current replacement cost (current market value May 31, 2017, ending merchandise inventory is $13, 500. Prepare any adjusting journal entry required from the information given. What value would Rapid report on the balance sheet at May 31, 2017, for merchandise inventory

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