Determine the amount of ending inventory at lower-of-cost-or-market.

Serebin Company applied FIFO to its inventory and got the following results for its ending inventory.

Cameras

100 units at a cost per unit of $65

DVD players

150 units at a cost per unit of $75

iPods

125 units at a cost per unit of $80

The cost of purchasing units at year-end was cameras $71, DVD players $67, and iPods $78.

Instructions

Determine the amount of ending inventory at lower-of-cost-or-market.

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