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Fenton Company applied FIFO to its 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.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M943204

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