Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $518,000. Information pertaining to that Inventory is as follows: Selling price Costs to sell Replacement cost $529,000 34,500 453,500 What should be the reported value of Sullivan's inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)? Multiple Choice $494,500 $453,500 (0) $494,500. O $453,500. O $518,000. O $488,000