please help, with explanation

Ole Maps Here Chapter 7 Graded Homework 2 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 market value replacement cost The preliminary income statement follows: 10 1156,000 5 10,000 99.000 This cost of code sold Betty shes Goods available for sale TY cost of code 1 Operating to Geo Prost tot Operations In Tapenas 15001 118.900 33.5 0,620 71,540 25.000 34,500 10.374 $ 25,606 Assume that you have been asked to restate the financial statements to incorporate the LCMNRV rule. You have developed the following data relating to the ending Inventory ter Quantity 1,100 125 4,300 er Unit 83.10 Cost per 4.80 e 37,230 Total 3.100 12,040 11,020 333.580 1.30 9,10 3.00 Required: MacBook Pro G Search or type URL M4 2 3 % 5 & 7 0) 8 9 Q W E R T Y U O P S D F G HJ L Z X > BN M 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LOMNRV on an item-bytom basis 2. Compare the LCMNRV effect on each amount that was changed in the preliminary income statement in requitement 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 LOM/URV on an item-by-tem basis. SPRINGER ANDERSON GYMNASTICS Income Statement (LCMNRV basis) For the Year Ended December Sales Revue Cost of Goods Sold Beginning inventory Purchase Goods Awable for Sale Ending Inventory Cost of Goods Sold Gross Pro Operating Expenses come from Operations Income Tax Exe Net Income MacBook Pro C G Search or type URL 2 4 & 7 5 6 8 9 O W E R T Y Y S DF G HJK L C V BN M 92 1. Restate the income statement to reflect LCMNRV valuation of the ending inventory. Apply LCMNRV on an item by item basit 2. Compare the LCMNRV 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. Record 1 Required 2 Compare the LCVNRV effect on each amount that was changed in the preliminary income statement in requirement 1. (ecreases should be indicated by a minus sign) Item Changed LIFO Cost LCMNRV Amount of Increase (Decrete) Ending Inventory Cost of Goods Sold Gross Prote Income from Operations Income Tax Expono Net Income Required: MacBook Pro C Search or type URL * + $ 4 3 % 5 & 7 6 8 W E R T Y U 0 F G H. J L