It is December 31, the end of the year, and the controller of Santana Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Santana reports the following data: Cost of goods sold ...........$ 400,000 Historical cost of ending inventory as determined by a physical count ............. 55,000 Santana determines that the current replacement cost of ending inventory is $47,000 Show what Santana should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. Inventory will be reported on the ats Enter your answer in the answer box and then click Check Answer. 1 part Clear All I remaining Check