Iris Company has provided the following information regarding two of its items of inventory at year-end: • There are 100 units of Item A, having a cost of $20 per unit, a selling price of $24 and a cost to sell of $6 per unit. • There are 50 units of Item B, having a cost of $50 per unit, a selling price of $56 and a cost to sell of $4 per unit. How much is the ending inventory using lower of cost or net realizable value? $4,100. $4,300. $4,400. $4,500.

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.