It is December 31, the end of the year, and the controller of Reed Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Reed reports the following data: 420,000 Cost of goods sold Historical cost of ending inventory, 57,000 as determined by a physical count Reed determines that the current replacement cost of ending inventory is $48,000. Show what Reed should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. at $ 48000. Inventory will be reported on the balance sheet Cost of goods sold will be reported on the |balance sheet at $ balance sheet income statement statement of stockholders' equity