It is December 31,2017 ,e nd of year, and the controller of Simon Corporation is applying the lower-of-cost-or-net-realizable-value (LCNRV) rule to inventories. Before any year-end adjustments, Simon has this data:

	Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . . . . . .	$430,000
	Historical cost of ending inventory,
	as determined by a physical count. . . . . . . . . . . . . . . .	67,000

Simon determines that the net realizable value of ending inventory is $47,000.

Show what Simon should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears.