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 realitzable value of Tavistock's ending inventory was $13,000, which exceeded cost of $12,400. Tatlock has determined that the net realizable value of the December 31, 2020, ending inventory is 512.000 Requirement Prepare Tavistock Inc's 2020 income statement through gross profit to show how the company would ly the lower of cost and not realizable value rule to its inventories Tavistock Inc. Income Statement partial For the Year Ended December 31, 2020 Year-end adjustments - X Cost of Goods Sold Sales Revenge Beghal Endball Inventory 12.400 14.000 Gross proft Bal 78.000 Bal 125.000 Print Done