Corp X has 40 units in beginning inventory with a cost of $300. During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit June 15- 100 units @ 5.50 per unit October 20-50 units @ 5.00 per unit An inventory count at year end reveals 60 units in ending inventory. Required: 3-Assume that the inventory has a sales price of $1 per unit as of year- end. Further, assume a 10% cost to sell the inventory, What is the income statement effect of this fact? Prepare a year end balance sheet inventory balance to reflect this