Question

Serebin Company applied FIFO to its inventory and got the following results for its ending inventory.
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 ending inventory at lower-of-cost-or-market.



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  • CreatedJanuary 30, 2014
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