Lower-of-Cost-or-Market Remmers Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2010, the following finished desks appear in the company's inventory. The 2010 catalog was in effect through November 2010 and the 2011 catalog is effective as of December 1, 2010. All catalog prices are net of the usual discounts. Generally, the company attempts to obtain a 20% gross margin on selling price and has usually been successful in doing so. At what amount should each of the four desks appear in the company's December 31, 2010, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-market approach for valuation of inventories on an individual-itembasis?

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Finished Desks 2010 catalog selling price $450 $480 $900 $1,050 960 FIFO cost per inventory list 12/31/10 Estimated current cost to manufacture (at December 31, 2010, and early 2011) Sales commissions and estimated other costs of disposal 2011 catalog selling price 450 830 460 430 610 1,000 130 1,200 50 60 80 900 500 540