A hospitality company, Marriott International, reports the following data for the year ended December 31, 2023:

• Inventory cost: $900,000
• Market value of inventory: $750,000
• Sales: $3,500,000
• Cost of Goods Sold: $2,200,000
• Operating Expenses: $900,000
• Calculate the amount of inventory to be reported on the balance sheet.
• Determine the impact on net income due to the write-down of inventory.