Erie Garden Supplies uses a perpetual inventory system. The company has these account balances at December 31, 2021, 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 Gross profit Erie Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Read the requirement. Gross pr to view additional information.) Requirement 1. Prepare the company's 2021 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 ad the requirement. oss pr More info A year ago, the net realizable value of ending inventory was $14,000, which exceeded the cost of $13,500. Erie has determined that the net realizable value of the December 31, 2021, ending inventory is $10,800. Print Done - X ck the icon to view the account balances.) ( (Click the icon to view additional information.) requirement. TO Data table Cost of Goods Sold Sales Revenue Inventory Beg bal 13,500 End bal 15,500 Bal 70,000 Print Done Bal 122,000 - X