York Co. sells one product, which it purchases from various suppliers. York?s trial balance at December 31, 2021, included the following accounts:

Sales (33,000 units @ $16) ..................$528,000Sales discounts ..........................................7,500Purchases ..............................................368,900Purchase discounts ................................18,000Freight-in ..................................................5,000Freight-out .............................................11,000

York Co.?s inventory purchases during 2021 were as follows:

Additional Information:a. York?s accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the first-in, first-out (FIFO) method.b. York has determined that, at December 31, 2021, the net realizable value was $8.00 per unit.

Required:1. Prepare York?s schedule of cost of goods sold, with a supporting schedule of ending inventory. York includes inventory write-down losses in cost of goods sold.2. Determine whether inventory should be reported at cost or net realizable value.

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Cost per Unit Total Cost $ 53,900 Units Beginning inventory Purchases, quarter ended March 31 Purchases, quarter ended June 30 Purchases, quarter ended September 30 Purchases, quarter ended December 31 7,000 $7.70 13,000 7.50 97,500 15,000 7.90 118,500 12,000 8.25 99,000 8,000 8.20 65,600 $434,500 55,000