The cost of purchasing units at year-end was cameras 70 dvd, Ask an Expert

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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M943204

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