View the step-by-step solution to: Montana Co. has determined its year-end inventory on a FIFO basis

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Montana Co. has determined its year-end inventory on a FIFO basis to be $606,000. Information pertaining to that inventory is as follows:

Selling price $620,000
Disposal costs 33,000
Normal profit margin 72,000
Replacement cost 528,000

What should be the carrying value of Montana's inventory?
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