Purchases

$5/1($balance$)2,400$ units @$$10$

$5/123,000$ units @$$5$

$5/251,500$ units @$$9$

Sales

$5/143,800$ unites @$$16$

$5/301,700$ units @$21$

On May $31,$ Harris found that the net realizable value of its inventory is $$9,800.$ Harris usually states its inventory on its balance sheet at the lower of cost $($assuming the use of First$-$in First$-$Out$)$ or net realizable value. How Harris will report its inventory on its May $31$s balance sheet and its cost of goods sold on its May income statement? $($Hint: the lower of cost vs$.$ net realizable value rule$).$