P7-6 Reporting the Statement of Earnings and Cash Flow Effects of Lower of Cost and Net Realizable Value LO7-5 Smart Company prepared anal financial statements dated December 31, 2020 The company applies the PFO inventory costing method however, the company neglected to apply the LCNRV valuation to the ending inventory. The preliminary 2020 statement of camnings follow 1 31.100 Cosas Beginning story des Cost of code for sale Ending Story FIFO of sales Groot Operating per Preta ta) 21. 11.se 16,44 138,154 13.08 11.16 Assume that you have been asked to restate the 2020 financial statements to incorporate the LC NRV Inventory action. You have developed the following data relating to the ending inventory M December 2020 Quantity 3.000 1.53 7,216 1.2 table valu S4. 3.