Smart Company prepared its annual financial statements dated December 31,2020 . The company applies the FIFO inventory costing method; however, the company neglected to apply the LC\&NRV valuation to the ending inventory. The preliminary 2020 statement of earnings follows: Assume that you have been asked to restate the 2020 financial statements to incorporate the LC\&NRV inventory valuation rule. You have developed the following data relating to the ending inventory at December 31,2020: LC\&NRV rule on an item-by-item basis. 2. Compare and explain the LC\&NRV effect on each amount that was changed in part 1 . (Negative answers should be indicated by a minus sign.)