Question - Fenton Company applied FIFO toits inventory and got the following results for its ending inventory.
|
Cameras
|
100
|
units at a cost per unit of
|
$68
|
|
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 $70, DVD players $69, and iPods $78.
Determine the amount of ending inventory at lower-of-cost-or-market.