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 $148,80 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases s 17,000 95,080 Goods Available for Sale 112,000 Ending Inventory 84,680 63) 320 3,000 Cost of Goods Sold Gross Profit Operating Expenses Incone from Operations Income Tax Expense (30%) Net Income e 320 9.096 $ 21 224