Richmond 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 Sales Revenue $ 12.500 72.000 122.000 Richmond has determined that the current replacement cost (current market value) of the August 31 2019, ending merchandise inventory is $12,000 Read the ments Requirement 1, Prepare any adjusting journal entry required from the given information (Record debits first, then credts Select the explanation on the best line of the journal entry for sons that do sut veure an entry, make sure to select "No entry required in the first coll in the "Accounts" column and leave all other cels blank) Date Aug 31 Accounts and Explanation Deb Credit