Laurie Company Applied FIFO to Its Inventory and Got the Following

question 120

Essay

Laurie Company applied FIFO to its inventory and got the following results for its ending inventory.
DVRs 140 units at a cost per unit of $60
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 $68 DVD players $70 and iPods $76.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-market.

---

Definitions:

Extension

The act of increasing the length, duration, or scope of something beyond the original limit.

Pronation

The inward roll of the foot during normal motion, or the rotational movement of the forearm that turns the palm downward.

Supination

The outward rotation of the forearm or foot, such that the palm or sole faces upwards or forwards.

Pronation

The inward roll of the foot during normal motion when walking or running, where the outer edge of the heel strikes the ground first and the foot rolls inward.