An analyst is evaluating the balance sheet of a US company that uses last in, first out (LIFO) accounting for inventory. The analyst collects the following data: Inventory reported on balance sheet LIFO reserve Average tax rate Dec. 31, 2019 $500,000 $50,000 30% Dec. 31, 2018 $600,000 $70,000 30% After adjusting the amounts to convert to the first in, first out (FIFO) method, inventory at December 31, 2019 would be closest to: a) $500,000 b) $560,000 c) $570,000