Wolk Company's income statement for March reported the following data:

Before the financial statements were released, it was discovered that the current replacement cost of ending inventory was \(\$ 20,400\). Correct the above data to include the lower-of-cost-or-market value of ending inventory. Also, show how inventory would be reported on the balance sheet.

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Income Statement: Sales revenue. $89,000 Cost of goods sold: Beginning inventory. $17,200 Net purchases....... 51,700 Cost of goods available for sale 68,900 Ending inventory.. 23,800 Cost of goods sold. 45,100 Gross margin.. $43,900