Banovic Company OAO applied FIFO to its inventory and got the following results for its ending inventory.
Tennis shoes.....................100 units at a cost per unit of €68
Running shoes...................150 units at a cost per unit of €75
Basketball shoes.................125 units at a cost per unit of €80
The net realizable value per unit at year-end was tennis shoes €70, running shoes €71, and basketball shoes €74.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.