Rubin Inc. uses the FIFO and lower of cost market methods to account for its inventory. Information regarding inventories is as follows. Rubin Inc's ending inventory will be valued at:

Question

Rubin Inc. uses the FIFO and lower of cost market methods to account for its inventory. Information regarding inventories is as follows.  Rubin Inc's ending inventory will be valued at:

Quizplus · Accepted Answer

Lower of cost or market is applied on an item-by-item basis. ftus, product X is valued at $1,200, product Y is valued at $600, and product Z is valued at $1,700, for a total of $3,500.

Rubin Inc Uses the FIFO and Lower of Cost Market Methods