what value would rocky bayou report on the balance sheet at july 31 2012 for invento 643045

Applying the lower of cost or market rule to inventories Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at July 31, 2012, prior to releasing the financial   statements for the year:

	Inventory	Cost of goods sold		Sales revenue
Bal	13,500	Bal	68,000	Bal	119,000

Requirements

1. Prepare any adjusting journal entry required from the information given.

2. What value would Rocky Bayou report on the balance sheet at July 31, 2012, for inventory?