Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information...
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Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:
| Selling price | $520,000 |
| Costs to sell | 30,000 |
| Replacement cost | 440,000 |
What should be the reported value of Sullivan's inventory?
$500,000.
$440,000.
$470,000.
$490,000.
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