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hi! please help me fill put the statement of earnings and show steps on how you got the numbers and also please help me correct
hi! please help me fill put the statement of earnings and show steps on how you got the numbers and also please help me correct my wrong answers for question 2 and show any steps as well. Thank you!!
P6-6 (Algo) Reporting the Statement of Earnings and Cash Flow Effects of Lower of Cost and Net Realizable Value LO6-5 Smart Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC\&NRV valuation to the ending inventory. The preliminary statement of earnings for the current year follows: Assume that you have been asked to restate the financial statements to incorporate the LC\&NRV inventory valuation rule. You have developed the following data relating to the ending inventory at December 31 of the current year: equired: Restate the statement of earnings to reflect the valuation of the ending inventory on December 31 of the current year, at the LC\&NRV. apply the LC\&NRV rule on an item-by-item basis. 2. Compare and explain the LC\&NRV effect on each amount that was changed in part 1. (Negative answers should be indicated by a ninus sign.) Step by Step Solution
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