Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at August 31, 2019, prior to releasing the financial statements for the year: $ Merchandise Inventory, ending Cost of Goods Sold 14,000 73,000 Sales Revenue 119,000 Rapid has determined that the current replacement cost (current market value) of the August 31, 2019, ending merchandise inventory is $13,800. Read the requirements. 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 Credit Debit Accounts and Explanation Aug. 31 Requirement 2. What value would Rapid report on the balance sheet at August 31, 2019, for merchandise inventory? According to the rule, Rapid Resources should report inventory on the August 31 balance sheet at jo d for un Requirements 1. Prepare any adjusting journal entry required from the information given. 2. What value would Rapid report on the balance sheet at August 31, 2019, for merchandise inventory? ance Print Done Reg