value: 17.00 points Mondetta Clothing prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply LCM to the ending inventory. The preliminary income statement follows $418,000 Net Sales Cost of Goods Sold Beginning Inventory Purchases $44,500 272,000 Goods Available for Sale Ending Inventory (FIFO cost) 316,500 62,640 Cost of Goods Sold 253,860 Gross Profit Operating Expenses 164,140 92,500 Income from Operations Income Tax Expense (40%) 71,640 28,656 Net Income $ 42,984 Assume that you have been asked to restate the financial statements to incorporate LCM. You have developed the following data relating to the ending inventory Market Value per Acquisition Cost Total Unit Quantity 2,900 1,450 6,900 2,900 Per Unit $4.40 5.80 2.90 7.40 $ 12,760$5.90 2.90 5.90 4.40 8,410 20,010 21,460 $62,640