Windsor, inc. applied fifo to its inventory and got the following results for its ending inventory. cameras 106 units at a cost per unit of $64 blu-ray players 167 units at a cost per unit of $78 ipods 137 units at a cost per unit of $90 the net realizable value of each of these products at year-end was cameras $76, blu-ray players $54, and ipods $72. determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Total Value of ending inventory = $25,666

Explanation:

Provided

Item          Cost of Inventory    Net Realizable Value   Rate     Qty.        Value

Cameras        $64                          $76                          $64       106     $6,784

Blu-ray            $78                          $54                          $54       167     $9,018

i-Pods             $90                          $72                          $72        137    $9,864

Total Value of ending inventory = $6,784 + $9,018 + $9,864 = $25,666

Under lower of cost or net realizable value each item is considered separately and then cost is allocated accordingly.

Therefore for Cameras we have taken Cost as it is less than NRV

For Blu-ray Players NRV is less than cost, thus NRV is considered.

For i-Pods NRV is less than cost, thus NRV is considered.

Total Value of ending inventory = $25,666

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