Tobias Company has a December 31st year-end. As of December 31, 20x2, Tobias determined the cost of its inventory on a FIFO basis to be $631,000. The following information pertains to that inventory: Selling price $ 600,000 Costs to sell 37,000 Replacement cost 548,000 At what value should Tobias report their inventory in their 20x2 financial statements?