QUESTION 4 A company has determined its year-end inventory on a FIFO basis to be...

A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows:

Selling price$ 535,000Costs to sell37,500Replacement cost462,500

What should be the reported value of inventory?

$462,500. $497,500. $530,000. $500,000

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