E6-10 Conan Company applied FIFO to its inventory and got the following results for its ending inventory.
VCRs 100 units at a cost per unit of $65
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 VCRs $71,DVD players $69, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-market.
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