Question
Montana Co. has determined its year-end inventory on a FIFO basis to be $626,000. Information pertaining to that inventory is as follows: Selling price$610,000Costs to
Montana Co. has determined its year-end inventory on a FIFO basis to be $626,000. Information pertaining to that inventory is as follows:
Selling price$610,000Costs to sell38,000Replacement cost536,000
What should be the reported value of Montana's inventory?
Multiple Choice
- $536,000.
- $597,000.
- $610,000.
- $572,000.
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Comparative International Accounting
Authors: Christopher Nobes, Robert Parker
13th edition
1292081902, 1292081908, 9781292081960 , 1292081961, 978-1292081908
