Cost of goods sold $395,000 Historical cost of ending inventory, as determined by a physical count 64,000 It is December 31, the end of current year, and the controller of Gravelle Corporation is applying the lower-of-cost-and-net-realizable-value (LCNRV) rule to inventories. Before any year-end adjustments, Gravelle has these data. View the data. LOADING... Gravelle determines that the net realizable value of ending inventory is $ 51 comma 000. Show what Gravelle should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears. How would investors and creditors know about the change in inventory value? Question content area bottom Part 1 Show what Gravelle should report for ending inventory. Ending inventory will be reported at: $51,000 Part 2 Identify the financial statement where ending inventory appears. Ending inventory will be reported on the balance sheet. Part 3 Show what Gravelle should report for ending cost of goods sold. Cost of goods sold will be reported at: $344,000

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