Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply the LC\&NRV to the ending inventory. The preliminary income statement is as follows: Assume that you have been asked to restate the financial statements to incorporate the LC\&NRV. You have developed the following data relating to the ending inventory: Required: 1-a. Restate the income statement to reflect the LC\&NRV rule of the ending inventory. points deducted. ion is incorrect; no 1-b. Apply the lower of cost and net realizable value on an item-by-item basis and show computations. * Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted