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: Sales Revenue Cost of Gooda Sold $160,000 Beginning Inventory Purchases $ 20,000 101, 000 121,000 38,140 Goods Available for Sale Ending Inventory Cost of Goods Sold 82,860 1,140 36, 000 Groas Profit Operating Expenses Income from Operationa Income Tax Expense (20%) Net Income 41, 140 8, 228 s 32, 912 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