Based on a physical inventory taken on December 31, an entity determined its inventory on a FIFO basis to be $70,000 with a replacement cost of $65,000. The entity estimated that after further processing costs of $8,000, the completed inventory could be sold for $75,000. The entity's normal profit margin is 30%. What amount should the entity report as inventory in its December 31 balance sheet under IFRS assuming average cost basis is used?

A. $70,000

B. $67,000

C. $44,500

D. $65,000