Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2015, the following finished desks appear in the company’s inventory.

The 2015 catalog was in effect through November 2015, and the 2016 catalog is effective as of December 1, 2015. All catalog prices are net of the usual discounts.

Instructions At what amount should each of the four desks appear in the company’s December 31, 2015, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value approach for valuation of inventories on an individual-item basis?

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Finished Desks A B C D 2015 catalog selling price 450 480 900 1,050 FIFO cost per inventory list 12/31/15 470 450 830 960 Estimated cost to complete and sell 2016 catalog selling price 50 110 260 200 500 540 900 1,200