E9-15 Nash-Robin Food Wholesalers uses a periodic inventory system and reports inventory at the lower of FIFO cost or market. Prior to releasing its March 20X4 financial statements. Nash-Robin's preliminary income statement appears as follows: NASH-ROBIN FOOD WHOLESALERS Income Statement (partial) Sales revenue... $112,000 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 profit.. 66,900 Nash-Robin has determined that the current replacement cost of ending inventory is $19.800.Required Adjust the preceding income statement to apply the lovver-of-cost-or market rule to NashRobin's inventory. Also show the relevant portion of Nash-Robin's balance sheet. The replacement cost of Nash-Robin's beginning inventory was SI 8,600.