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 hive been asked to restate the financial statements to incoiporate the LCMNRV fule You have developed the following data relating to the ending inventory. Assume that you have been asked to restate the financial statements to incorporate the LCM/NRV rule You have developed the following data relating to the ending inventory? Required: 1. Restate the income statement to reflect LCMNNFV valuation of the ending inventory. Apply LCMANRV on an item-by-item basis 2. Compare the LCMINRV effect on sach amount that was changed in the preliminary income statement in requirement Restate the income statement to reflect LCM/NRV valuation of the ending inventory. Apply LCM/NRV on an item-by-item bas Compare the LCM/NRV effect on each amount that was chiaged in the preliminary income statement in requirement i (Decreasem should be indicated by a minus sion.)