It is December 31, the end of the year, and the controller of Cornell 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.) Cornell determines that the net realizable value of ending inventory is $44,000. Show what Cornell should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. Financial statement where item is reported Balance to be reported Inventory Cost of goods sold Balance Sheet Income Statement Statement of Stockholders' Equity - X Data Table $ 425,000 Cost of goods sold Historical cost of ending inventory, as determined by a physical count 60,000 Print Done Done