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Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $60 Blu-ray players 180 units at a cost per unit of $75 iPods 125 units at a cost per unit of $83 The net realizable value at year-end was cameras $72, Blu-ray players $67, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory 24 30465

Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $60 Blu-ray players 180 units at a cost per unit of $75 iPods 125 units at a cost per unit of $83 The net realizable value at year-end was cameras $72, Blu-ray players $67, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory 24 30465

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $60 Blu-ray players 180 units at a cost per unit of $75 iPods 125 units at a cost per unit of $83 The net realizable value at year-end was cameras $72, Blu-ray players $67, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory 30465 %24
Transcribed Image Text:Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $60 Blu-ray players 180 units at a cost per unit of $75 iPods 125 units at a cost per unit of $83 The net realizable value at year-end was cameras $72, Blu-ray players $67, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory 30465 %24
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