Sandhill is a distributor of fruit who uses FIFO and has the following information at December 31, 2025: Inventory at cost $1,200,000 Inventory in transit shipped FOB destination from a vendor 720,000 Non-cancelable purchase orders expected to be received in 2026 2,520,000 Cancelable purchases orders expensed to be received in 2027 3,840,000 The expected selling price of the fruit is 99% of its cost. The cost of delivery to customers is 2% of the selling price and Sandhill pays these costs, none of which is reimbursed by the customers. Determine ending inventory at December 31, 2025, based on lower of cost of net realizable value. Ending inventory at lower of cost of net realizable value $ Save for Later Attempts: 0 of 1 used Submit Answer