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Springer Anderson Gymnastics prepared its annual financial statements dated December 3 1 . The company reported its inventory using the LIFO inventory costing method but
Springer Anderson Gymnastics prepared its annual financial statements dated December 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 incorporate the LCMNRV rule. You have developed the
following data relating to the ending inventory:
Required:
Restate the income statement to reflect LCMNRV valuation of the ending inventory. Apply LCMNRV on an itembyitem basis.
Compare the LCMNRV effect on each amount that was changed in the preliminary income statement in requirement
Complete this question by entering your answers in the tabs below.
Restate the income statement to reflect LCMNRV valuation of the ending inventory. Apply LCMNRV on an itembyitem basis.
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