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Road the cequirement- Data table 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. Ontario Garden Supplies uses a perpetual inwentory system. The company has these account batances at July 31, 2021, prior to making the year-end adjusiments: (Click the icon to vaw the account batances) (i) (Click the icon to viow additional information) Read the tequirement. More info A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the July 31,2021 , ending inventory is $10,500