Serebin Company applied FIFO to its inventory and got the following results for its ending inventory .

Question:

Serebin Company applied FIFO to its inventory and got the following results for its .
Cameras ..... 100 units at a cost per unit of $65
DVD players ... 150 units at a cost per unit of $75
iPods ...... 125 units at a cost per unit of $80

The cost of purchasing units at year-end was cameras $71, DVD players $67, and iPods $78.

Instructions
Determine the amount of at lower-of-cost-or-market.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...