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:
Broker Commission
A fee paid to a broker for their services, usually a percentage of the transaction value.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.
Lower Of Cost
A method used in accounting to value and report assets and inventory at the lower of its historical cost or current market value.
Market
A place or mechanism where parties engage in exchange of goods, services, or information.
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