Data table Inventory Cost of Goods Sold Sales Revenue Beg bal 10,500 End bal 15,500 Bal 73,000 Bal 119,000 More info A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $10,500. Huron has determined that the net realizable value of the October 31, 2018, ending inventory is $11,000. 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