1.Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item by item basis.

2.Compare LCM/NRV effect on each amount that was changed in the preliminary income statement

Springer Anderson Gymnastics prepared its annual financial statements dated December 31 . The company reported its inventory using the UFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: Assume that you have been asked to restate the financial statements to incorporate the LCMNRV rule You have developed the following data relating to the ending inventory Required: 1. Restate the income statement to reflect LCMINRV valuation of the ending inventory. Apply LCMANRV on an item-by-item basis 2. Compare the LCM/NRV effect on each amount that was changed in the pretiminary income statement in requirement 1 Complete this question by entering your answers in the tabs below. 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item ba: 2. Compare the LCMINRV 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. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item basis. 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 r 1. (Decreases should be indicated by a minus sign.)