Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2019, prior to releasing the financial statements for the year: Rapid has determined that the current replacement cost (current market value) of the May 31, 2019, ending merchandise inventory is $13,600. Merchandise Inventory, ending $ 15,800 Read the requirements. Cost of Goods Sold 69,000 Sales Revenue 124,000 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 require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Debit Credit i Requirements May 31 1. Prepare any adjusting journal entry required from the information given. 2. What value would Rapid report on the balance sheet at May 31, 2019, for merchandise inventory? Print Done