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PA7-2 Evaluating the Income Statement and Income Tax Effects of Lower of Cost or Market ILO 7-4] Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply LCM to the ending inventory. The preliminary income statement follows: $124,000 Sales Revenue Cost of Goods Sold $11,000 Beginning Inventory Purchases 83,000 94,000 Goods Available for Sale 20,700 Ending Inventory (FIFO cost 73,300 Cost of Goods Sold Gross Profit 50,700 27,000 Operating Expenses Income from operations 23,700 Income Tax Expense (35%) 8,295 15,405 Net Income Assume that you have been asked to restate the financial statements to incorporate LCM. You have developed the following data relating to the ending inventory Purchase Cost Market Value Total per Unit Quantity Per Unit 2,400 $2.20 5,280 $3.20 700 3.00 2,100 1.20 2,700 1.20 3.240 0.60 2,400 4.20 10,080 2.20 $20,700