LCM/NRV Rule Income Statement

Is it at all possible for someone to solve this before midnight tonight? Ive been working on it for hours and Im so confused and its due tonight.

Thank you in advance!!

PA7-2 Evaluating the Income Statement and Income Tax Effects of Lower of Cost or Market/Net Realizable Value [LO 7-4] Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $134,000 $ 13,500 88,000 101,500 23,800 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 77,700 56,300 29,500 26,800 8,040 $ 18,760 Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule. You have developed the following data relating to the ending inventory: Purchase Cost Item Quantity 2,150 700 3,200 2,150 Per Unit $2.70 3.50 1.70 4.70 Total $ 5,805 2,450 5,440 10,105 $23,800 Replacement Cost per Unit $3.70 1.70 0.85 2.70 Required: 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item basis. 2. Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply SPRINGER ANDERSON GYMNASTICS Income Statement (LCM/NRV basis) For the Year Ended December 31 Sales Revenue $ 134,000 Cost of Goods Sold: Beginning Inventory $ 13,500 Purchases 88,000 Goods Available for Sale 101,500 Ending Inventory 15,520 Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Required: 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item basis. 2. Compare the LCM/NRV effect on each amount that was changed in the preliminary income statement in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compare the LCM/NRV effect on each amount that was changed in the preliminary incom 1. (Decreases should be indicated by a minus sign.) Item Changed LIFO Cost LCM/NRV Basis Basis Amount of Increase (Decrease) Ending Inventory Cost of Goods Sold Gross Profit Income from Operations Income Tax Expense Net Income