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Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information...

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Accounting

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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