P$6-6($Algo$)$ Reporting the statement of Earnings and Cash flow effects of Lower of cost and net realizable value LO$6-5$

Smart company prepared its annual fianancial statement dated December $31$ of the current year. The company applies the FIFO inventory costing method; however the company neglected to apply the LC&NRV valuation to thre ending inventory. The prelimary statement of earnings for the current year follows:

Sales revenue $$287,000$

Cost of sales

$\backslash$table$[[$Sales revenue,,$$287,000$