Burlington Garden Supplies uses a perpetual inventory system. The company has these account balances at July 31, 2018, prior to making the year-end adjustments:
    

E6-22A (similar to) Burlington Garden Supplies uses a perpetual inventory system. The company has these account balances at July 31, 2018, prior to making the year-end adjustments: (Click the icon to view the account balances.) (Click the icon to view additional information.) Read the requirement. Sales revenue Cost of goods sold Gross profit Burlington Garden Supplies Income Statement (partial) Year Ended July 31, 2018 Question Help D Data Table Beg bal End bal Inventory 10,500 15,000 Bal Cost of Goods Sold 67,000 Print Done Sales Revenue Bal X 116,000 More Info A year ago, the net realizable value of ending inventory was $13,500, which exceeded the cost of $10,500. Burlington has determined that the net realizable value of the July 31, 2018, ending inventory is $10,800. Print Done i Requirement 1. Prepare the company s 2018 income statement through gross profit to show how the company would apply the lower-of-cost-or-market rule to its inventories. Print Done X