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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