Vermont Resources, which uses the FIFO Inventory costing method, has the following account balances at January 31, 2025, prior to releasing the financial statements for the year Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue $ 14,000 74,000 124,000 Vermont has determined that the current replacement cost (current market value) of the January 31 2025, ending merchandise inventory is $13.000 Read the requirements Requirement 1. Prepare any adjusting journal entry required from the given information (Record debits first, then credits Delect t make sure to select "No entry required in the first cell in the "Accounts" column and leave all other cells Mark) Date Jan 31 Accounts and Explanation Debit Credit Requirement 2. What value would Vermont report on the balance sheet at January 31, 2025, for merchandise inventory? According to the rule, Vermont Resources should report inventory on the January 31 balance sheet at joumal entry For sabons that do not require an entry