The information provided below is for an item in Harris Corporation’s inventory at year end. Harris presents its financial statements in accordance with IFRS:

Historical cost $1,200 Estimated selling price 1,300 Estimated completion and selling costs 150 Replacement cost 1,100 What should be the value of this inventory item in the company’s financial statements?

a. $1,100

b. $1,150

c. $1,200

d. $1,300