Because of a nationwide recession, Stock Up, Inc.'s merchandise inventory is gathering dust. It is now November 30, 2018, and the $ 169 comma 000 that Stock Up, Inc., paid for its ending inventory is $ 18 comma 500 higher than the current replacement cost. Before any adjustments at the end of the period, Stock Up, Inc.'s Cost of goods sold account has a balance of $ 599 comma 000. Stock Up, Inc., uses the lower of cost or market to value its ending inventory. Read the requirementsLOADING.... Question content area bottom Part 1 Requirement 1. What amount should Stock Up, Inc., report for inventory on the balance sheet? According to the lower-of-cost-or-market rule, the company should report inventory on the balance sheet at $ 150,500 . Part 2 Requirement 2. What amount should Stock Up, Inc., report for cost of goods sold? The company should report cost of goods sold at $ 617500. Journalize any required entries