Sinatra Record Store uses LIFO and has year-end inventory of $500,000 prior to applying the lower of cost or market rule. Information pertaining to that inventory is as follows. What should be the reported value of Sinatra's inventory after that assessment? Selling price Costs to sell Normal profit margin $620,000 30,000 80,000 490,000 Replacement cost $490,000 $500,000 $590,000 $510,000