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

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.