Tavistock Inc. uses a perpetual inventory system Tavistock has these account balances at December 31, 2020, prior to making the year and adjustments (Click the icon to view the year-end adjustments.) A year ago, the net realizable value of Tavistock's ending inventory was $13.000, which exceeded cost of $12,400. Tavistock has determined that the net realzable value of the December 31, 2020, ending inventory is $12.000 Requirement Prepare Tavistock Inc.'s 2020 income statement through gross profit to show how the company would apply the lower-of-cost-and-net-realizable-value rule to its inventories Tavistock Inc Income Statement (partial) For the Year Ended December 31, 2020 Sales revenue 125000 80000 Cost of goods sold Gross profit 45000 Tavistock Inc. uses a perpetual inventory system Tavistock has these account balances at December 31, 2020, prior to making the year and adjustments (Click the icon to view the year-end adjustments.) A year ago, the net realizable value of Tavistock's ending inventory was $13.000, which exceeded cost of $12,400. Tavistock has determined that the net realzable value of the December 31, 2020, ending inventory is $12.000 Requirement Prepare Tavistock Inc.'s 2020 income statement through gross profit to show how the company would apply the lower-of-cost-and-net-realizable-value rule to its inventories Tavistock Inc Income Statement (partial) For the Year Ended December 31, 2020 Sales revenue 125000 80000 Cost of goods sold Gross profit 45000