DE9-13 Deckers Outdoor uses the perpetual inventory record for Teva sandals in Exhibit 9-9, page 359. At December 31, 1999. Scott Ash, chief financial officer of the company, applied the lower-of-cost-or-market rule to Deckers' inventories. Suppose Ash determined that the cur- rent replacement cost (current market value) of the sandals was $550. Show how Decker would report this inventory on the balance sheet and cost of goods sold on the income statement.