Question - Serebin Company applied FIFO to its inventory and got the following results for its ending inventory.
|
Cameras
|
113
|
units at a cost per unit of
|
$66
|
|
DVD players
|
152
|
units at a cost per unit of
|
$78
|
|
iPods
|
125
|
units at a cost per unit of
|
$85
|
The cost of purchasing units at year-end was cameras $76, DVD players $57, and iPods $75.
Determine the amount of ending inventory at lower-of-cost-or-market.