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What should be the reported value of Montana inventory

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Question - Montana Co. has determined its year-end inventory on a FIFO basis to be $626,000. Information pertaining to that inventory is as follows:

Selling price $610,000

Costs to sell 38,000

Replacement cost 536,000

Required - What should be the reported value of Montana's inventory?

a. $536,000.

b. $597,000.

c. $610,000.

d. $572,000.

Reference no: EM132574117

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