Question: Sheffield Company applied FIFO to its inventory and got the following results for its ending inventory.
Cameras 105 units at a cost per unit of $60.
Blu-ray players 155 units at a cost per unit of $71.
iPods 130 units at a cost per unit of $81.
The net realizable value at year-end was cameras $74, Blu-ray players $66, and iPods $76.
Required - Determine the amount of ending inventory at lower-of-cost-or-net realizable value.
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