Haskell Corporation Has Determined Its Year-End Inventory on a FIFO $$\begin{array} { l r } \text { Selling price } & \$ 805,000 \\\text { Costs to sell } & 35,000 \\\text { Replacement cost } & 765,000\end{array}$$

question 29

Multiple Choice

Haskell Corporation has determined its year-end inventory on a FIFO basis to be $785,000. Information pertaining to that inventory is as follows: $$\begin{array} { l r } \text { Selling price } & \$ 805,000 \\\text { Costs to sell } & 35,000 \\\text { Replacement cost } & 765,000\end{array}$$ What should be the reported value of Haskell's inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS) ?

• A) $765,000.
• B) $785,000.
• C) $770,000.
• D) $750,000.

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