Question: ) A company has determined its year - end inventory on a LIFO basis to be $ 6 0 1 , 0 0 0 .

) A company has determined its year-end inventory on a LIFO basis to be $601,000. Information pertaining to that inventory is as follows:
Selling price
$ 721,000
Costs to sell
30,500
Normal profit margin
80,500
Replacement cost
621,000
What should be the reported amount of the company's inventory?
Top of Form
Multiple Choice
$690,500
$621,000
$601,000
$610,000

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