Rapid Resources, which uses the FIFO inventory costing method, Rapid has determined that the current replacement cost has the following account balances at August 31, 2019. prior to (current market value) of the August 31, 2019, ending releasing the financial statements for the year: merchandise inventory is $13,500. 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 dopot require an entry, make sure to select "No entry required" in the firs cell in the "Accounts" column and leave all other cells blank.) Rapid Resources, which uses the FIFO inventory costing method, (3) Rapid has determined that the