Question: Question content area top Part 1 It is December 31, the end of the year, and the controller of Reed Corporation is applying the lower-of-cost-or-market

Question content area top Part 1 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. Before any year-end adjustments, the company reports the following data:

Question content area top Part 1 It is December 31, the end

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. 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 is $42,000. Show what Reed should report for ending inventory and for cost of goods sold. Identify the financial statement where each item appears

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