Americus camera shop uses the lower-of-cost-or-market basis

Assignment Help Accounting Basics

Reference no: EM13482289

Americus Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

ITEM UNITS UNITCOST MARKET

Cameras:

Minolta 5 $170 $156

Canon 6 150 152

Light Meters

Vivitar 12 125 115

Kodak 14 120 135

Instructions:

Determine the amount of the ending inventory by applying thelower-of-cost-or-market basis.

Reference no: EM13482289

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