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Ser Company prepared to the cated December 2020. The company applies te Fotorycosting method forever the comowy ched to the LCNRV on to the ending to the play2020 metto NET Contot meme Cot Corting Press se you have been restlette 2020 free to competention he developed to determine the ending wory December 2020 14.12.15 1, 4.10. 7, . Required: Beste met of earrings to fetch to oftending vertory on December 2000, CANAVA UCARV babe SMART COLLANT Www NCANNY C 2.Con CNR fed each otwagens porten bei 1. This reason is not of your corect 4a. Wtectes, deren, no ofic.CARVU are on the cow 2020 Decreme Note Inc Net Decreased Smart Company prepared its annual financial statements dated December 31, 2020. The company applies the FIFO inventory costing method; however , the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2020 statement of earnings follows: 5291,000 $32, 100 195,000 227,100 65,024 Sales revenge Cont of sales Beginning inventory Purchases Cost of goods available for sale Anding Inventory (FIFO COR) Cont of sales Gross profit Operating expenses Pretax earnings Income tax expense (401) Het earning 162,076 128, 924 63.109 65,024 26,2330 $ 39.494 Assume that you have been asked to restate the 2020 financial statements to incorporate the LC&NRV inventory voluation rule. You have developed the following data relating to the ending inventory at December 31, 2020: Acquisition Cost Net Realisable Item Quantity Unit Total Value 3,169 $4.10 $12.956 55.10 1.610 6.10 9.821 7,210 2.60 18,746 4.60 3,310 7.10 22.501 $65,024 4.60 19 C D 5.10 Smart Company prepared its annual financial statements dated December 31, 2020. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2020 statement of earnings follows: $291,000 $ 32,100 195,000 227, 100 55,024 Sales revenue Cost of sales Beginning inventory Purchase Cost of goods available for sale Ending inventory (FIFO cost) Cost of sales Grono profit Operating expenses Pretax earnings Income tax expense (408) Met earningo 162,076 128,924 63, 100 65,824 26,330 $ 39,494 Assume that you have been asked to restate the 2020 financial statements to incor the LC&NRV Inventory valuation rule. You have developed the following data relating to the ending inventory at December 31, 2020: Acquisition Cost Item Quantity Unit Total 3,160 54.10 $12,956 1,610 6.10 9.821 7.210 2.60 18,746 3,310 7.10 23,501 $65,024 Het Realizable Value $5.10 4.60 4.60 5.10 D Required: 1. Restate the statement of earnings to reflect the valuation of the ending Inventory on December 31, 2020, at the LC&NRV Apply the LC&NRV rule on an item-by.item basis SMART COMPANY Statement of Earrings (LCANRV Basis) For the Year Ended December 31, 2020 Cost of 0 0 0 2. Compare and explain the LC NRV effect on each amount that was changed in part 1. (Negative answers should be indicated by a minus sign) Item Changed Effect Amount of Change 3. This part of the question is not part of your Connect assignment 4-a, What effect (increase, decrease, no effect) did the LC&NRV rule have on the cash flow for 2020? O Increased O Decreased No effect 4-5. What will be the long-term effect on cash flow (increase, decrease, no effect)? O Increased O No effect O Decreased