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Serebin Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 115 units at a cost per unit of
Serebin Company applied FIFO to its inventory and got the following results for its ending inventory.
Cameras | 115 | units at a cost per unit of | $64 |
DVD players | 151 | units at a cost per unit of | $84 |
iPods | 122 | units at a cost per unit of | $89 |
The cost of purchasing units at year-end was cameras $73, DVD players $50, and iPods $74.
Determine the amount of ending inventory at lower-of-cost-or-market.
The ending inventory | $ |
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