Madison Co. has determined its year-end Inventory on a LIFO basis to be $601.000. Information pertaining to that inventory is as follows: Selling price Costs to sell Normal profit margin Replacement cost $721,000 30,500 80,500 621,000 What should be the reported value of Madison's inventory? (Hint: You must determine whether inventory should be written down) $601,000 $621,000 $690,500 $610.000