Montana Co. has determined its year-end inventory on a FIFO basis to be $649,000. Information pertaining to that inventory is as follows:           Selling price $ 610,000   Costs to sell   36,000   Replacement cost   561,000       What should be the reported value of Montana’s inventory? Multiple Choice   $574,000.   $610,000.   $591,000.   $561,000.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Montana Co. has determined its year-end inventory on a FIFO basis to be $649,000. Information pertaining to that inventory is as follows:
 

       
Selling price $ 610,000  
Costs to sell   36,000  
Replacement cost   561,000  
 

 
What should be the reported value of Montana’s inventory?

Multiple Choice

  •  

    $574,000.

  •  

    $610,000.

  •  

    $591,000.

  •  

    $561,000.

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