Sullivan Corporation has determined its year$-$end inventory on a FIFO basis to be $$540,000.$ Information pertaining to that inventory is as follows:

Selling price $ $540,000$

Costs to sell $40,000$

Replacement cost $470,000$

What should be the reported value of Sullivan's inventory?

Multiple Choice

$$540,000.$

$$470,000.$

$$510,000.$

$$500,000.$