Boyer Company applied FIFO to its inventory and got the following results for its ending inventory. The cost of purchasing units at year-end was VCRs $71, DVD players $72, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Question

Boyer Company applied FIFO to its inventory and got the following results for its ending inventory.  The cost of purchasing units at year-end was VCRs $71, DVD players $72, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Quizplus · Accepted Answer

The Answer of Boyer Company applied FIFO to its inventory and got the following results for its ending inventory.  The cost of purchasing units at year-end was VCRs $71, DVD players $72, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Boyer Company Applied FIFO to Its Inventory and Got the Following