Foley Company applied FIFO to its inventory and got the following results for its ending inventory.
DVRs 140 units at a cost per unit of $59
DVD players 210 units at a cost per unit of $75
iPods 175 units at a cost per unit of $80
The cost of purchasing units at year-end was DVRs $71, DVD players $68, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Question

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The Answer of Foley Company applied FIFO to its inventory and got the following results for its ending inventory.
DVRs 140 units at a cost per unit of $59
DVD players 210 units at a cost per unit of $75
iPods 175 units at a cost per unit of $80
The cost of purchasing units at year-end was DVRs $71, DVD players $68, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Foley Company Applied FIFO to Its Inventory and Got the Following