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Subject:- Account 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.

Subject:- Account 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.

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Subject:- Account 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.
Transcribed Image Text:Subject:- Account 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.
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