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It is December 31, the end of the year, and the controller of Reed Corporation is applying the lower-of-cost-or-market (LCM) rulo to inventorion. Before any year-end adjustments, the company reports the following data: (Click the icon to view the data.) Reed determines that the net realizable value of ending inventory in $42.000. Show what Rend 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 42000 Inventory Cost of goods sold Data table Cost of goods sold Historical cost of ending inventory, as determined by a physical count $ 450,000 68,000 It is December 31, the end of the year, and the controller of Reed Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Bet adjustments, the company reports the following data: Click the icon to view the data) Reed determines that the net realizable value of ending inventory is $42,000. Show what Reed should report for ending inventory and for cost of a financial statement where each item appears. Financial statement where item is reported Balance to be reported 42000 Inventory Cost of goods sold Balance Sheet Income Statement Statement of Stockholders' Equity