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Montana Co. has determined its year-end inventory on a FIFO basis to be $643,000. Information pertaining to that inventory is as follows: Selling price $620,000
Montana Co. has determined its year-end inventory on a FIFO basis to be $643,000. Information pertaining to that inventory is as follows:
Selling price | $620,000 |
Costs to sell | 35,000 |
Replacement cost | 560,000 |
What should be the reported value of Montanas inventory? |
$585,000.
$560,000.
$620,000.
$609,000.
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