On January 1, 2016, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $282,000, respectively. Net purchases during the year at cost and at retail were $604,500 and $920,000, respectively. Markups during the year were $10,000. There were no markdowns. Net sales for 2016 were $900,000. The retail price index at the end of 2016 was 1.04. What is the inventory balance that Coldstone would report in its 12/31/16 balance sheet? $195,000. $312,000. $192,168. $202,800.

Under International Financial Reporting Standards (IFRS), inventory is valued at the lower of cost and:

Replacement cost.

Net realizable value.

Net realizable value reduced by a normal profit margin.

None of these answer choices are correct.