It is December 31, the end of the year, and the controller of Simon Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before any year-end adjustments, Simon reports the following data: Cost of goods sold. ........ $ 420,000 Historical cost of ending inventory, as determined by a physical count................ 66,000 Simon determines that the current replacement cost of ending inventory is $44,000. Show what Simon 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 at $0