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: $158,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases S 19,500 100,000 Goods Available for Sale Ending Inventory (FIFO cost) 119,500 35,270 Cost of Goods Sold 84,230 Gross Profit Operating Expenses 73,770 35,500 Income from Operations 38,270 11,481 Income Tax Expense (30%) Net Income s 26,789 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 Market Value per Unit Purchase Cost Quantity Per UnitTotal 7,605 $4.90 2.90 1.45 D 1,950 5.90 11,505 3.90 A 1,950 $3.90 4.25 2.90 3,400 12,760 800 C 4,400 $35,270