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laffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FiFO nventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Assume that you have been asked to restate the current year financial statements to incorporate lower of cost or NRV You have developed the following data relating to the current year ending inventory: Required: 1. Prepare the income statement to reflect lower of cost or net realizable value valuation of the current year ending inventory 2. Compare the lower of cost or net realizable value effect on each smount that was changed on the income statement in Apply lower of cost or NRV on an item-by-ttem basis. requirement (1). Prepare the income statement to reflect lower of cost or net realizable value valuation of Apply lower of cost or NRV on an item-by-item basis. (Round vnur answers to nearest do