T 3 # 3

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: (Click the icon to view the data.) Durtz determines that the net realizable value of ending inventory is $45,000. Show what Durtz should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. Data table