Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31,2025 , prior to releasing the financial statements for the year: 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 th

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Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31,2025 , prior to releasing the financial statements for the year: 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 &#34;No entry required&#34; in the first cell in the &#34;Accounts&#34; column and leave all other cells blank.)

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