The controller of Scheller Company is applying the lower-of-cost-or-net realizable value basis of valuing its ending inventory. The following information is available: 
Instructions
Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable value basis.
Definitions:
Entry of Firms
Refers to the process by which new companies enter an industry, increasing competition and potentially leading to lower prices and innovation.
Market Price
The present cost at which a service or asset is available for purchase or sale in a specific market.
Equilibrium Price
The cost at which the demand for a product or service matches the supply, leading to equilibrium in the market.
Marginal Cost Curve
depicts how the cost of producing an additional unit of output changes as the level of production is varied, typically rising after a certain point due to inefficiencies.
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