Question: Serebin Company applied FIFO to its inventory and got the

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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