Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties: Cost of Merchandise Date Purchases Goods Sold Inventory on Hand Jul 95 510 510 22 $ 300 210 31 170 380 At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise Inventory is 8431. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise Inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required in the first coll in the "Accounts" column nn and leave all other cells blank.) Date Accounts Debit Credit Jul 31 Merchandise inventory would be reported on the balance sheet at what value on July 31? In this case, Mega Burger's balance sheet would report the inventory as follows: Mega Burger Balance Sheet (Partial) Current Assets