Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31, 2019, prior to releasing the financial statements for the year: Merchandise Inventory, ending Cost of Goods Sold Sales Revenue 13,000 73,000 116,000 Vermont has determined that the current replacement cost (current market value) of the October 31, 2019, ending merchandise inventory is $12,500. 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 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 Oct. 31 Accounts and Explanation Debit Credit