Grant Wood Company manufactures desks. Most of the company€™s desks are standard models and are sold on the basis of catalog prices. At December 31, 2008, the following finished desks appear in the company€™s inventory.

The 2008 catalog was in effect through November 2008, and the 2009 catalog is effective as of December 1, 2008. 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.

Instructions
At what amount should each of the four desks appear in the company€™s December 31, 2008, 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 2008 catalog selling price FIFO cost per inventory list 12/31/08 Estimated current cost to manufacture (at December 31, 2008, $450 $480 $900 $1,050 960 470 450 830 and early 2009) Sales commissions and estimated other costs of disposal 2009 catalog selling price 460 440 610 1,000 130 500 540 900 1,200 45 60 90