Homework: Ch... Question 4, S6-10 (simila... HW Score: 68.89%, 10.33 of 15 points Points: 0 of 3 Save It is December 31, the end of the year, and the controller of Raney Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, the company reports the following data: Click the icon to view the data.) Raney determines that the net realizable value of ending inventory is $52,000. Show what Raney should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. Inventory Cost of goods sold Financial statement where item is reported Statement of Stockholders' Equity Statement of Stockholders' Equity Balance to be reported 8000 $ 418.000 1