A company has determined its year$-$end inventory on a LIFO basis to be $$617,000.$ Information pertaining to that inventory is as

follows:

Selling price

Costs to sell

Normal profit margin

Replacement cost

$$737,000$

$38,400$

$88,500$

$637,000$

What should be the reported amount of the company's inventory?

Multiple Choice

$$617,000$

$$637,000$