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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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