London Garden Supplios uses a perpetual itventory system. The company has these account balancos at oclober 31, 2021, peior to making the year-end adjustments II (Click the ioon to view the account balances.) (i) (Cick the icon to vitw additonal information) Read the requirement: Data table Garden Supplies uses a perpetual inventory system. The company has these account balances at October 31,2021 , prior to making the year-end adjustmy k the icon to view the account balances.) . (Click the icon to view additional information.) requirement. London Garden Supplies More info A year ago, the net realizable value of ending inventory was $13,400, which exceeded the cost of $13,000. London has determined that the net realizable value of the October 31,2021 , ending inventory is $11,500. 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