Sullivan Corporation Has Determined Its Year-End Inventory on a FIFO $$\begin{array} { l r } \text { Selling price } & \$ 520,000 \\\text { Costs to sell } & 30,000 \\\text { Replacement cost } & 440,000\end{array}$$

question 113

Multiple Choice

Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows: $$\begin{array} { l r } \text { Selling price } & \$ 520,000 \\\text { Costs to sell } & 30,000 \\\text { Replacement cost } & 440,000\end{array}$$
-What should be the reported value of Sullivan's inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS) ?

• A) $500,000.
• B) $440,000.
• C) $470,000.
• D) $490,000.

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Ultimate Consumers

The people who use the products and services purchased for a household. Also called consumers, buyers, or customers.

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Institutional Buyers

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