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Question - Haskell Corporation has determined its year-end inventory on a FIFO basis to be $791,000. Information pertaining to that inventory is as follows:
Selling price $814,000
Costs to sell 38,000
Replacement cost 768,000
What should be the reported value of Haskell's inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?
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