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Question - Montana Co. has determined its year-end inventory on a FIFO basis to be $626,000. Information pertaining to that inventory is as follows:
Selling price $610,000
Costs to sell 38,000
Replacement cost 536,000
Required - What should be the reported value of Montana's inventory?
a. $536,000.
b. $597,000.
c. $610,000.
d. $572,000.
Given the data above, are there any Temporary Differences?
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