Nelson Corporation sells three different products

Nelson Corporation sells three different products

Nelson Corporation sells three different products. The following information is available on December 31: Product X 200 units at total cost $800 market $700; Product Y 400 units total cost $800 market $600 and Product Z 1,000 units total cost $3,000 market $4,000.

When applying the lower of cost or market rule to each item, what will Nelson’s total ending inventory balance be?

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