A company has determined its year-end inventory on a FIFO basis to be $813,000. Information pertaining to that inventory is as follows: Selling price $ 847,000 Costs to sell 49,000 Replacement cost 779,000 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

$798,000.

$813,000.

$779,000.

$714,000.