Q22

Montana Co. has determined its year-end inventory on a FIFO basis to be $631,000. Information pertaining to that inventory is as follows:

Selling price	$	610,000
Costs to sell		38,000
Replacement cost		546,000

What should be the reported value of Montanas inventory?

Multiple Choice

• $595,000.

• $546,000.

• $572,000.

• $610,000.