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 Jan. 31 Cost of Goods Sold Merchandise Inventory To write merchandise inventory down to market value Debit Credit 400 400 Requirement 2. What value would Oregon report on the balance sheet at January 31, 2025, for merchandise inventory? According to the lower-of-cost-or-market rule, Oregon Resources should report inventory on the January 31 balance sheet at $13,600 e repa an e 69,000 115,000 Requirements 1. Prepare any adjusting journal entry required from the information given. 2. What value would Richmond report on the balance sheet at May 31, 2025, for merchandise inventory? Print Done - X mework (Required) Question 7, EF6-21 (similar to) Part 1 of 2 Richmond Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue $ 15,000 69,000 115,000 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts Date May 31 Accounts and Explanation Debit