The 2008 inventory value as reported on the 2009 consolidated balance sheet if the company had used the FIFO inventory valuation method instead of the LIFO inventory valuation method for a portion of its inventory would be closest to:

A. ¥104,698 million.

B. ¥506,125 million.

C. ¥618,692 million.

ZP Corporation is a (hypothetical) multinational corporation headquartered in Japan that trades on numerous stock exchanges. ZP prepares its consolidated financial statements in accordance with U.S. GAAP. Excerpts from ZP’s 2009 annual report are shown in Exhibits J−L.

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EXHIBITJ Consolidated Balance Sheets ( millions) Year Ended 31 December Current assets Cash and cash equivalents E Inventories Total current assets E Total assets I Total current liabilities E Total long-term liabilities Minority interest in consolidated subsidiaries Total shareholders' equity Total liabilities and shareholders' equity 2008 542,849 608,572 4,028,742 1 10,819,440 3,980,247 E 2,663,795 218,889 3,956,509 10,819,440 2009 814,760 E 486,465 E 3,766,309 9,687,346 I 3,529,765 2,624,002 179,843 3,353,736 9,687,346