Integrating Case 9-3 FIFO and lower of cost or net realizable value OL09-1 York Co. sells one product, which it purchases from various suppliers. York's trial balance at December 31, 2021, included the following accounts: Sales (33,000 units @ $16) $ 528,000 Sales discounts 7,500 Purchases 380,600 Purchase discounts 18,000 Freight-in 5.000 Freight-out 11,000 York Co.'s inventory purchases during 2021 were as follows: Units Cost per Unit Total Cost Beginning inventory 7,000 $ 7.70 $ 53,900 Purchases, quarter ended March 31 13,000 7.50 97,500 Purchases, quarter ended June 30 15,000 7.90 118,500 Purchases, quarter ended September 30 12,000 8.25 99,000 Purchases, quarter ended December 31 8,000 8.20 65,600 55,000 $434,500 Additional Information: a. York's accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the first-in, first-out (FIFO) method. b. York has determined that, at December 31, 2021, the net realizable value was $8.00 per unit. Required: 1. Prepare York's schedule of cost of goods sold, with a supporting schedule of ending inventory. York includes inventory write-down losses in cost of goods sold. 2. Determine whether inventory should be reported at cost or net realizable value