rrect income statement BE6.7 (LO 3) Larkin Company reports net income of $90,000 in 2020. However, ending inventory was understated $7,000. What is the correct net income for 2020? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2020? LCNRV valuation categories BE6.8 (LO 4) Cruz Video Center accumulates the following cost and net realizable data at December 31. Inventory Cost Net Realizable Categories Data Data Cameras $12,000 $12,300 Camcorders 9,500 9,700 Blu-ray players 14,000 12,900 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory