P7.6 Reporting the Statement of Earnings and Cash Flow Effects of Lower of Cost and Net Realizable Value LO7-5 method; however, the compary negiocted to npply the LCENRY viluation to the ending inventory. The protiminaty 2020 atatoment of earmings follows: Assume that you have been atked to restate the 2020 finoncial stateinents to incorporate the LCGNRV inventory valuobion rule. Yol have developed the following data reliting to the ending inventory at Decenther 31,2020 . Required: 1. Restate the statement of eamings to reffect the valuation of the ending inventory on December 31, 2020, at the LC8NRV/AQply the LC\&NRV rule on an item-by-item basis 2. Compare and explain the LCENRV effect on each amount that was chonged in part 1. (Negative answers should be indicated by a) minus sign.) P7.6 Reporting the Statement of Earnings and Cash Flow Effects of Lower of Cost and Net Realizable Value LO7-5 method; however, the compary negiocted to npply the LCENRY viluation to the ending inventory. The protiminaty 2020 atatoment of earmings follows: Assume that you have been atked to restate the 2020 finoncial stateinents to incorporate the LCGNRV inventory valuobion rule. Yol have developed the following data reliting to the ending inventory at Decenther 31,2020 . Required: 1. Restate the statement of eamings to reffect the valuation of the ending inventory on December 31, 2020, at the LC8NRV/AQply the LC\&NRV rule on an item-by-item basis 2. Compare and explain the LCENRV effect on each amount that was chonged in part 1. (Negative answers should be indicated by a) minus sign.)