On my last annual, (October 2022), Mooney M20C with IO-360-AB36D, 200 HP, the number four cylinder failed the compression check. It turned out to be a burnt/stuck exhaust valve. The A&P recommended replacing the cylinder. The part is hard to find and I had quotes of about $3000 from one place, and $4000 from another supplier. I am a member of SAVVY Aviation (I highly recommend them.) So I contacted Savvy and asked for advice. They suggested I contact Western Skyways and see if they could overhaul the can. A few phone calls and emails later, the A&P had pulled the cylinder and I shipped it off to Western Skyways. A month later, my freshly overhauled cylinder, with a new valve and associated parts arrived in the mail. The whole thing cost me just over $800 with shipping. I think the actual overhaul was about $780, and shipping was about $40-$50 each way (insured.) Overhaul included cleaning, inspection, resurfacing the cylinder wall, painting, new set of rings, the works! It looked like new. If you run into this problem, I recommend looking into an overhaul instead of replacement.
The only downside was that one of the rings was found to be cracked. For some reason they installed the new rings in the cylinder for shipping. The piston was at the hangar with the airplane. Either during the install into the cylinder, or during removal, one of the rings must have been damaged. They quickly agreed to replace the cracked ring...no big deal.
My annual membership to Savvy was $350 I think. I got a return of $3650 from them on just one ticket. Those guys are awesome! Sorry, I was going to post pics and I can't find them on my phone ):