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 its market value (replacement cost). The preliminary income statement follows: Assume that you have been asked to restate the financial statements to incorpotate the LCM/NRV rule. You have developed the following data telating to the ending inwentory. 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item basis. 2. Compare the LCM/NRV 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. Restate the income-statement to reflect L.CM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item basis. Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply