Montana Co. has determined its year-end inventory on a FIFO basis to be $611,000. Information pertaining to that inventory is as follows:

Selling price	$630,000
Disposal costs	37,000
Normal profit margin	77,000
Replacement cost	531,000

What should be the carrying value of Montana's inventory?

a)	$531,000
b)	$611,000
c)	$516,000
d)	$593,000