Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining...

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Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that Inventory is as follows: Selling price Costs to sell Replacement cost $620,000 30,000 520,000 What should be the reported value of Montana's inventory? Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that Inventory is as follows: Selling price Costs to sell Replacement cost $620,000 30,000 520,000 What should be the reported value of Montana's inventory?

Answer rating: 100% (QA)

The reported value of Montana Cos inventory should be the lower of cost or net realizable value ... View the full answer