Williamson Landscape Supplies, which uses a perpetual inventory system and the FIFO costing method, has these account balances at December 31, 2023, prior to releasing the financial statements for the year:

The company has determined that the net realizable value of the December 31, 2023, ending inventory is $79,500.

RequiredPrepare Williamson Landscape Supplies’ partial balance sheet at December 31, 2023, to show how Williamson would apply the lower-of-cost-and-net-realizable-value rule to inventories. Include a complete heading for the statement.

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Beg. Bal. End. bal. Inventory 50,000 84,000 Bal. Cost of Goods Sold 500,000 Sales Revenue Bal. 940,000