please answer it fully, thank you!

Cabin Telecom (CT), an electronics retailer, has 3,000 units of Apple iPhone 8 as part of their inventory. The units were purchased from Apple at an average cost of $600 (i.e. some were purchased below and above $600 ), and the entry to record the purchase of these phones has already been recorded by the accounting staff. Due to the launch of the new iPhone 12 , the market price of the iPhone 8 is expected to decrease from $750 to about $629. CT normally pays a commission of 4% of the sales price to their sales people for every sale made. Other selling costs of the handset are estimated to be $10 per unit. Required: What impact, if any, would the above information have on the financial statements of Cabin Telecom? (4 marks)