It is December 31, the end of the year, and the controller of Durtz Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, the company reports the following data: E: (Click the icon to view the data.) Durtz determines that the net realizable value of ending inventory is $48,000. Show what Durtz 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 balance sheet at $ Cost of goods sold will be reported on the income statement Vats Data Table - X $ 420,000 Cost of goods sold Historical cost of ending inventory, as determined by a physical count 56,000 Print Done