Help Save & E 3 Check Mondetta Clothing prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to evaluate the net realizable value of its ending inventory. The preliminary income statement follows: 5 points 5428,000 Net Sales Cost of Goods sold Beginning Tnventory Purchases Goods Available for Sale Ending Inventory Cost of Goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (304) Net Income 5.45,000 272.000 318,00 66,000 252.00 160.000 93,000 75,00 22.50 $52,500 Assume that you have been asked to restate the financial statements to incorporate LCMNR. You have developed the forowing date relating to the ending Inventory Acquisition cost Item Duantity Perut Total A 3.600 $13,500 1,500 6.00 9.000 7.000 3.00 21,000 3.00 566.000 Not testirable Value per S. 3. 6.00 7.50 Required 1. Restate the income statement to reflect LCMNRV valuation of the ending inventory. Apoy LCM/NRV on intom by tema 2. Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in terment 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an items by tembols 2. Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in requirement 5 po Complete this question by entering your answers in the tabs below. Required 1 Required f_s& Restate the income statement to reflect LCM/NRV valuation of the winding Inventory Apol UCH/NV on an item by basi NOHDETTA CLOTHING Intume CMINRV) For the Year End December 31 Het 5050 Cast of Good Denning with 45.000 93.000 Goods Avioral 52 500 Enginy Com God 20 Cross 15.00 Opening F controm Open 1 500 come Tax Exe RARO Net in 43.00 Save 5 Esit 3 Check my Required: 1. Restate the income statement to reflect LCMNRV valuation of the ending inventory. Apply LOMNRV on antem bytom basis 2. Compare the LOMNRV effect on each amount that was changed in the preliminary income statement in requirement 5 por Complete this question by entering your newers in the tabs below. - Required t Required Compare the LCHINRV efect on each amount that was changed the preminary income statement our Decreases should be indicated by a mine) FFO Cost CMR ASU Der Endir hvery Cost of Good Gross Prott com os Open income Tax Nel come