7 value: 17.00 points Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply LCM to the ending inventory. The preliminary income statement follows: $138,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases $14,500 90,000 Goods Available for Sale Ending Inventory (FIFO cost) 104,500 24,900 Cost of Goods Sold 79,600 Gross Profit Operating Expenses 58,400 30,500 Income from Operations 27,900 8,370 Income Tax Expense (30%) Net Income $ 19,530 Assume that you have been asked to restate the financial statements to incorporate LCM. You have developed the following data relating to the ending inventory: Market Value per Unit $3.90 1.90 0.95 2.90 Purchase Cost Item Quantity Per Unit Total A 2,050 $2.90 S 5,945 2,450 6,460 10,045 700 3,400 2,050 3.50 1.90 4.90 $24,900