Boyer Company applied FIFO to its inventory and got the following results for its ending inventory. 
The cost of purchasing units at year-end was VCRs $71, DVD players $69, and iPods $78.
Instructions
Determine the amount of ending inventory at lower-of-cost-or-market.
Definitions:
Economic Profits
The difference marked between entirety of income and the totality of expenditures, accounting for both disclosed and indirect costs.
Monopolistically Competitive
Refers to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power due to differentiation.
Profit-Maximizing
A strategy or point at which a business achieves its highest possible profit under given conditions.
Incurring Losses
The state of experiencing a negative financial result, where expenses exceed revenues.
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