1. Restate the incoms statement to reflect LCM/NRV valuation of the ending irventory. Apply LCMNFV on an item by iem bosks 2. Compare the LCM/NFV effect on esch amount that was chariged in the preliminary income statement in requirement 1 . Complete this question by entering vour answers in the tabs below. Restale the income statement to rellect tCM/NRV valuation of the ending inventory. Acolv LCMNRV on an item by tem basis. 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item by-them basis. . Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in requirement 1. Complete this question by entering your answers in the tabs below. Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in requirement 1. (Decreases should be indicated by a minus sign). PA7-2 (Algo) Evaluating the Income Statement and Income Tax Effects of Lower of Cost or Market/Net Realizable Value [LO 7-4] Springer Anderson Gymastics prepared its anual financial stalencents dated December at The company reported its inventory using the LiFO inventory costing method but did not compare the cost of its eniled irventory to is market value freplacement costo. The preliminary income statement follows: Assume that you have been asked to restate the financial statements to incorporate the LCMiNRV rule. You have doveloped the following data relating to the ending inventory