Required Information

The following infomation applies to the questions displaycd below$]$

Lansing Company's current$-$year income statement and selected balance sheet data at December $31$ of the current and prlor years follow.

$\backslash$table$[[$Selected BA$,\backslash$table$[[$IG COMPANY$],[$ice Sheet Acco$]],$ts$],[\backslash$table$[[$At december $31],[$Accounts recelvable$]],$Current Year.,Prior Year$],[$Inventory$,$$$7,300,$$$9,200$