ssume that a Nixon BBQ Burger restaurant has the following perpetual inventory record for hamburger patties:
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At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $ 300. 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?
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Part 1
Make any adjusting entry needed to apply the lower-of-cost-or-market rule.
