Assume that you have been asked to restate the financial statements to incorporate the LC\&NRV. You have developed the following data relating to the ending inventory Required: 1-a. Restate the income statement to reflect the LC\&NRV rule of the ending inventory Springer Anderson Gymnastics prepared its annual financial statements dated December 31 . The compary used the FIFO inventory costing method, but it failed to apply the LC\&NRV to the ending inventory. The preliminary income statement is as follows 1-b. Apply the lower of cost and net realizable value on an item-by-item basis and show computations. 2. This part of the question is not part of your Connect assignment. 3. This part of the question is not part of your Connect assignment 1-a. Restate the income statement to reflect the LC\&NRV rule of the ending inventory