Danube.com reported the

C http tpx View Favorites Tools Help okshelf a NAILSbb12-13stats Badge Zone (2) spo-ccgfull[1] value 20.00 points Mondetta Clothing 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: $ 408,000 Net Sales Cost of Goods Sold S 42,000 Beginning Inventory Purchases 267,000 309,000 47.040 Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold 261,960 Gross Profit Operating Expenses 146,040 90,000 Income from Operations Income Tax Expense (30%) 56,040 16,812 Net Income $ 39,228 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 Cost