Charapata Company applied FIFO to its inventory and got the following results for its ending inventory.
| Cameras | 100 units at a cost per unit of $65 |
| Blu-ray 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 $71, Blu-ray players $67, and iPods $78.
Instructions
Determine the amount of the ending inventory at lower-of-cost-or-market
Solution
Charapata Company
Computation of LCM
Computation of LCM
